Odin
Purp1eOne
Winning
Jarl (15,417)
Feb 3, 2017
Valhalla
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Post by Purp1eOne on Dec 5, 2020 17:32:01 GMT -6
Anyone into this?
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Norseman
Thegn (3,074)
Apr 21, 2018
Valhalla
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Post by Norseman on Dec 5, 2020 17:47:01 GMT -6
It only has value because somebody believes in the greater fool theory. I can go out in my yard and pick up a rock. It, like snowflakes, is totally unique. There are no exact copies anywhere in the universe. That makes it very rare, and I'm the only one who has it. If I can convince my foolish neighbor that limited supply (only one) makes something valuable, he may pay me a buck for it because he thinks somebody else (the greater fool) will pay him $2 for it. And on it goes....until we run out of "greater fools." Well, do you feel lucky? Put your money into a US total market index fund (e.g. VTI) and go about your life.
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WisconsinVike
I never felt so free - it was just my dog and me
Thegn (3,480)
Mar 3, 2017
Valhalla
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Post by WisconsinVike on Dec 7, 2020 10:02:55 GMT -6
I'm way behind on my reading, but I actually just read an article on Bitcoin in Popular Science from February 2016 (told you I was behind in my reading) check it out if your interested.
It confused the hell out of me - I think I'll just stick to my piggy bank.....
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holmanjp
Thegn (3,737)
Aug 10, 2019
Valhalla
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Post by holmanjp on Dec 16, 2020 13:09:07 GMT -6
Blockchain will change the way money is moved and stored.
10 years ago it would have cost $1,550 for one once of gold.(at it's lowest price) Today you could cell it for $1,855 ($350 profit) Not enough to beat inflation.
If you would have bought that same $1,550 worth in BTC (Bitcoin) you would have bought each one for $0.003 (high price for the year. lowest was $0.0008 each) and ended up with 516,666.6666666667 Bitcoins at .003 cents a piece. You could sell each one today for $20,700 ($20,700 x 516,666.666 = $10,694,999,986.2) Ya lets stick to the stock market and bonds!!!!!
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holmanjp
Thegn (3,737)
Aug 10, 2019
Valhalla
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Post by holmanjp on Dec 16, 2020 13:12:51 GMT -6
On Dec 5th when this post was created BTC was $18,878 today $20,849
Edit $21,362
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Norseman
Thegn (3,074)
Apr 21, 2018
Valhalla
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Post by Norseman on Dec 16, 2020 14:56:43 GMT -6
You could sell each one today for $20,700 ($20,700 x 516,666.666 = $10,694,999,986.2) Who are you going to sell them to?
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holmanjp
Thegn (3,737)
Aug 10, 2019
Valhalla
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Post by holmanjp on Dec 16, 2020 14:59:41 GMT -6
You could sell each one today for $20,700 ($20,700 x 516,666.666 = $10,694,999,986.2) Who are you going to sell them to? It's like stocks. You buy and sell on an exchange. Since Midnight I have 88 completed sell orders filled. I just place buys after it's completed I place a sell order shoot for 1.25 to 2% profit after fees. People who understand compounding profit from it, people who don't pay it. (interest) If you could make 1% compounding profit daily. how much would you make from a 10k investment in 365 days? Crypto (bitcoin) exchanges are open 24/7/365
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Norseman
Thegn (3,074)
Apr 21, 2018
Valhalla
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Post by Norseman on Dec 16, 2020 15:27:59 GMT -6
Since Midnight I have 88 completed sell orders filled. You just sold $1.8M? Can I get a loan??
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holmanjp
Thegn (3,737)
Aug 10, 2019
Valhalla
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Post by holmanjp on Dec 16, 2020 15:55:54 GMT -6
Since Midnight I have 88 completed sell orders filled. You just sold $1.8M? Can I get a loan?? So, you really know nothing about bitcoin, there are over 2500 different cryptos (think of them as stocks). I never said i sold 88 Bitcoins. I said I had 88 completed sell orders. You can sell fractions of a bitcoin. For instance I set a sell 2% higher than what the going price is. Usually start with .005 bitcoin around 100 bucks worth give or take what BTC price is. If the market goes down 1% from where I bought I buy $200 more, then change my new sell price to reflect my average cost. It's called dollar cost averaging. If it keeps going down every 1% down it drops I buy another 200 worth. I'll do this up to 20 times. An example of this would be buy 100 worth at 20k, lets assume BTC drops 20% before it goes back up. I would have my 100 plus 20 more $200 purchases at every 1% drop in price. My 1st purchase would be at 20k last one at around 16.7K. For an average buy price of around 18.7K once it reaches 19.1k I sell for a 2% profit. I do this with 34 different cryptos. Some trades you get stuck in for a few days, some sell in minutes. In the end it averages out nice daily profits.
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Norseman
Thegn (3,074)
Apr 21, 2018
Valhalla
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Post by Norseman on Dec 16, 2020 16:47:36 GMT -6
You just sold $1.8M? Can I get a loan?? So, you really know nothing about bitcoin, there are over 2500 different cryptos (think of them as stocks). I never said i sold 88 Bitcoins. I said I had 88 completed sell orders. You can sell fractions of a bitcoin. For instance I set a sell 2% higher than what the going price is. Usually start with .005 bitcoin around 100 bucks worth give or take what BTC price is. If the market goes down 1% from where I bought I buy $200 more, then change my new sell price to reflect my average cost. It's called dollar cost averaging. If it keeps going down every 1% down it drops I buy another 200 worth. I'll do this up to 20 times. An example of this would be buy 100 worth at 20k, lets assume BTC drops 20% before it goes back up. I would have my 100 plus 20 more $200 purchases at every 1% drop in price. My 1st purchase would be at 20k last one at around 16.7K. For an average buy price of around 18.7K once it reaches 19.1k I sell for a 2% profit. I do this with 34 different cryptos. Some trades you get stuck in for a few days, some sell in minutes. In the end it averages out nice daily profits. So then, no loan?? And, to your point, I really do know nothing about trading bitcoin.
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Odin
Purp1eOne
Winning
Jarl (15,417)
Feb 3, 2017
Valhalla
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Post by Purp1eOne on Dec 17, 2020 16:29:47 GMT -6
You just sold $1.8M? Can I get a loan?? So, you really know nothing about bitcoin, there are over 2500 different cryptos (think of them as stocks). I never said i sold 88 Bitcoins. I said I had 88 completed sell orders. You can sell fractions of a bitcoin. For instance I set a sell 2% higher than what the going price is. Usually start with .005 bitcoin around 100 bucks worth give or take what BTC price is. If the market goes down 1% from where I bought I buy $200 more, then change my new sell price to reflect my average cost. It's called dollar cost averaging. If it keeps going down every 1% down it drops I buy another 200 worth. I'll do this up to 20 times. An example of this would be buy 100 worth at 20k, lets assume BTC drops 20% before it goes back up. I would have my 100 plus 20 more $200 purchases at every 1% drop in price. My 1st purchase would be at 20k last one at around 16.7K. For an average buy price of around 18.7K once it reaches 19.1k I sell for a 2% profit. I do this with 34 different cryptos. Some trades you get stuck in for a few days, some sell in minutes. In the end it averages out nice daily profits. So how long have you been doing this and what about taxes?
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Odin
Purp1eOne
Winning
Jarl (15,417)
Feb 3, 2017
Valhalla
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Post by Purp1eOne on Dec 17, 2020 16:29:54 GMT -6
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Odin
Purp1eOne
Winning
Jarl (15,417)
Feb 3, 2017
Valhalla
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Post by Purp1eOne on Dec 17, 2020 16:30:11 GMT -6
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holmanjp
Thegn (3,737)
Aug 10, 2019
Valhalla
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Post by holmanjp on Dec 17, 2020 16:42:09 GMT -6
Purp1eOne, You can pay for a bot to make it automated. I set my buy orders, then use a app to tell me when they are bought. Go on my phone and set sell orders. Set app alarm to tell me when they sell, It's quick and easy. Crypto is taxed as capital gains. After a year it's a lower %. If it's less than a year you are taxed at your tax rate. Don't FOMO. (fear of missing out) wait for a correction in the market if you plan on getting in.
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Odin
Purp1eOne
Winning
Jarl (15,417)
Feb 3, 2017
Valhalla
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Post by Purp1eOne on Dec 17, 2020 17:01:32 GMT -6
holmanjp, Doing a little research on it and may dip in and see how it goes.
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