Bitcoin Thread

[Swa]

Why not ride the high and dump and repeat, 75% nothing shy away from.

That's just it. It's riding the highs that have cost me. I don't care about missing out on a few percent because I sold. What I care about is all the times where I don't sell and it then dumps. ETH has been at a $300-400 high numerous times where I could have accumulated but for some reason it never occurred to me to sell my mining profits and then it dumps to $100 level again while I'm holding on. I missed out on over 5000% by NOT selling.

 

[Speedster]

That's just it. It's riding the highs that have cost me. I don't care about missing out on a few percent because I sold. What I care about is all the times where I don't sell and it then dumps. ETH has been at a $300-400 high numerous times where I could have accumulated but for some reason it never occurred to me to sell my mining profits and then it dumps to $100 level again while I'm holding on. I missed out on over 5000% by NOT selling.

And now it's over 1000. Maybe you should've hodled?

 

[Swa]

And now it's over 1000. Maybe you should've hodled?

You keep missing the point...

 

[Sensorei]

So unlike the sour grapes we've been constantly hearing from for the last 3 years? You realise it's only a 75% return so I haven't missed out on anything. Every time it's reached a high it's been predicted that there will be a huge fall again. Those predictions have been spot on and I've even made a few of them in here.

75% if you were dumb enough to buy at the 2017 ATH.

Yes it sucks to lose a lot of money. But it's very clear that your inability to recognise that Bitcoin is being accepted as a legitimate digital store of value is completely clouded by your misery and pain of your losses due to your own decisions. For someone who seems like a relatively smart person, and has spent the time learning about blockchain, I don't believe that you can't see the possibility of BTC being considered a legitimate store of value like a digital gold within a few years. It is overvalued for what it can do now, but it's like investing in a great business plan before the business exists where you only see a return on your investment in years. Only that now it's far less speculative than it was before when it was all hopes and dreams .

BTC is no longer the volatile screaming baby it was in 2018 where only a few could see it's potential as a future genius. It's now grown into a maturing teenager, that is still volatile and moody, but too many billion $ institutions and big players have seen it's potential now and realise that it grow up and be a big game changer to challenge gold as a store of value. If you don't see it, that's your loss. Get over it.

 

[Dan C]

Why did I sell my ETH ?

 

[phly]

What was the issue with the FNB and Luno relationship? One cannot deposit or withdraw or what was the story there. I recall something changed. bank account or something like that.

Found it: https://www.luno.com/blog/en/post/statement-on-proposed-fnb-bank-account-closure

 

[Speedster]

What was the issue with the FNB and Luno relationship? One cannot deposit or withdraw or what was the story there. I recall something changed. bank account or something like that.

Found it: https://www.luno.com/blog/en/post/statement-on-proposed-fnb-bank-account-closure

FNB closed Luno's account with them

 

[phly]

FNB closed Luno's account with them

Follow up Question: fastest way to transfer funds from wallet to wallet. BTC or ETH or LTC? sending from luno to binance - been eons since I played around in crypto space so abit rusty.

Converting from zar to any crypto on Luno seems to incur same 2% charge fee it seems

 

[Swa]

75% if you were dumb enough to buy at the 2017 ATH.

Yes it sucks to lose a lot of money. But it's very clear that your inability to recognise that Bitcoin is being accepted as a legitimate digital store of value is completely clouded by your misery and pain of your losses due to your own decisions. For someone who seems like a relatively smart person, and has spent the time learning about blockchain, I don't believe that you can't see the possibility of BTC being considered a legitimate store of value like a digital gold within a few years. It is overvalued for what it can do now, but it's like investing in a great business plan before the business exists where you only see a return on your investment in years. Only that now it's far less speculative than it was before when it was all hopes and dreams .

BTC is no longer the volatile screaming baby it was in 2018 where only a few could see it's potential as a future genius. It's now grown into a maturing teenager, that is still volatile and moody, but too many billion $ institutions and big players have seen it's potential now and realise that it grow up and be a big game changer to challenge gold as a store of value. If you don't see it, that's your loss. Get over it.

Many people did. But even if you didn't it would take 3 years to reach the same level again which is where a lot of the crying was coming from and people here are trying hard to forget and pretend the 85% dump didn't happen. You can criticise me for accurately predicting the dumps but at the same time your side has many loons as well. Sure a 100k or even $1m may come true but rather than waiting for pie in the sky selling at a, although slightly lower, high would have netted you way more than the 250% year on year which is only realised btw if you do sell before it dumps. That you're so blind that you can't see that is beyond me.

As for the legitimacy argument I have never denied that the technology has potential. But that is where real enthusiasts differ from those who are punting a coin as a way to get rich. I don't have anything invested in Bitcoin because it's not an investment. Bitcoin is a proof of concept and too static and stale to be a real contender for a good store of value. Blockchain, in another better more efficient form, will be a success whether Bitcoin is worth $1m or $1 and that is where you and I differ.

 

[Swa]

Follow up Question: fastest way to transfer funds from wallet to wallet. BTC or ETH or LTC? sending from luno to binance - been eons since I played around in crypto space so abit rusty.

Converting from zar to any crypto on Luno seems to incur same 2% charge fee it seems

They all are. It entirely depends on what you set the fee at. ETH is currently one of the cheapest but I haven't looked and LTC may be cheaper. Also don't use Luno to convert and definitely not at the instant price. Only use the exchange.

 

[supersunbird]

75% if you were dumb enough to buy at the 2017 ATH.

Yes it sucks to lose a lot of money. But it's very clear that your inability to recognise that Bitcoin is being accepted as a legitimate digital store of value is completely clouded by your misery and pain of your losses due to your own decisions. For someone who seems like a relatively smart person, and has spent the time learning about blockchain, I don't believe that you can't see the possibility of BTC being considered a legitimate store of value like a digital gold within a few years. It is overvalued for what it can do now, but it's like investing in a great business plan before the business exists where you only see a return on your investment in years. Only that now it's far less speculative than it was before when it was all hopes and dreams .

BTC is no longer the volatile screaming baby it was in 2018 where only a few could see it's potential as a future genius. It's now grown into a maturing teenager, that is still volatile and moody, but too many billion $ institutions and big players have seen it's potential now and realise that it grow up and be a big game changer to challenge gold as a store of value. If you don't see it, that's your loss. Get over it.

So is it a day to day currency or a store of value?

 

[Swa]

So is it a day to day currency or a store of value?

It changes from day to day.

 

[NarrowBandFtw]

Follow up Question: fastest way to transfer funds from wallet to wallet. BTC or ETH or LTC? sending from luno to binance - been eons since I played around in crypto space so abit rusty.

Converting from zar to any crypto on Luno seems to incur same 2% charge fee it seems

BTC on-chain sends can be quite pricy and slow compared to the rest, ETH I don't have much experience with but I know the network fees skyrocketed towards the end of 2020, not sure if it has calmed down again, wouldn't be surprised if LTC beats them both in terms of network fees and speed

Until Binance delists XRP in the next week or so ... XRP is pretty fast and cheap to send with, just convert it to something else double quick, you don't want to be holding XRP

 

[phly]

BTC on-chain sends can be quite pricy and slow compared to the rest, ETH I don't have much experience with but I know the network fees skyrocketed towards the end of 2020, not sure if it has calmed down again, wouldn't be surprised if LTC beats them both in terms of network fees and speed

Until Binance delists XRP in the next week or so ... XRP is pretty fast and cheap to send with, just convert it to something else double quick, you don't want to be holding XRP

Haha can't hold that hot potato for long. I wonder if other tokens get fingered by the SEC. They should look in the direction of XLM. It blew up way too fast before I could get my hands on some. On the plus side I did manage to get my funds across and spread it as I pleased. Now to sleep on it for the next year or two and see if I wake up a crypto millionaire.

 

[NarrowBandFtw]

Haha can't hold that hot potato for long. I wonder if other tokens get fingered by the SEC. They should look in the direction of XLM. It blew up way too fast before I could get my hands on some. On the plus side I did manage to get my funds across and spread it as I pleased. Now to sleep on it for the next year or two and see if I wake up a crypto millionaire.

so just did a test with USDC fwiw, which is built on top of ETH ... fee was more than the transaction value LOL, poof, money vanished into the void

I'm gonna go ahead and say ETH sends is not the way to transfer on-chain, hell it cost more than BTC even

Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum (ETH) detailed transaction info for txhash 0xa36be6b2e03dc92634b81f2b80f60ce848135b42c16d0629ced640425950401f. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.

etherscan.io

think that means LTC wins for this purpose

 

[phly]

so just did a test with USDC fwiw, which is built on top of ETH ... fee was more than the transaction value LOL, poof, money vanished into the void

I'm gonna go ahead and say ETH sends is not the way to transfer on-chain, hell it cost more than BTC even

Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum (ETH) detailed transaction info for txhash 0xa36be6b2e03dc92634b81f2b80f60ce848135b42c16d0629ced640425950401f. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.

etherscan.io

think that means LTC wins for this purpose

Will keep that in mind next time even though I could have used other means to deposit into Binance directly instead of going through Luno. Lesson learnt. I like the fact that they (Luno) are slowly adding support for other wallets. I reckon Nano will still be the fastest if things haven't changed much.

 

[John Tempus]

so just did a test with USDC fwiw, which is built on top of ETH ... fee was more than the transaction value LOL, poof, money vanished into the void

I'm gonna go ahead and say ETH sends is not the way to transfer on-chain, hell it cost more than BTC even

Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum (ETH) detailed transaction info for txhash 0xa36be6b2e03dc92634b81f2b80f60ce848135b42c16d0629ced640425950401f. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.

etherscan.io

think that means LTC wins for this purpose

Depending where you move funds, this might seem bizarre but if u want to move USD from one place to another then right now make use of XRP to move it for dirt cheap then sell it few seconds later when it clears.

Obviously don't bother holding onto the XRP haha but as a near instant transfer if both sides have decent orderbook then XRP is damn cheap and fast.

 

[Swa]

ETH fees dip multiple times a day. Also no reason to pick a high value for non time sensitive transactions as transactions in the mid range do get processed.

 

[LinuxMan]

Dump incoming?

 

[Dan C]

Dump incoming?

View attachment 988796

Won't suprise me.