BitBit

Broke Even with My Crypto

bitcoin

Honest question: as the transaction fees of Bitcoin continue to rise, is it possible that eventually larger amounts of BTC become "dust"?

Will there come a time when, say, 1 BTC becomes unspendable because the transaction fees cost more than 1 BTC itself?

Bitcoin Dust

Long sideway moves make me a temporarily BTC maxi, but occasional pump days quickly turn me into altcoin degen

I'm not sure how about the rest of folks here, but my sentiment and coin preferences use to change quickly depending in what market phase we currently are in.

In the long bear market and boring sideway crabbing phase, I lose faith in all altcoins and only want to invest in Bitcoin (if I even want to invest in crypto at all!).

But when crypto is pumping left and right, I see big green candles on alts. Then I compare the gains which altcoins did to what BTC did. That makes me excited and I quickly become bullish on alts. Stopping my Btc DCAs and turn back investing into altcoins.

Am I the only one who thinks this way? Is this even a (good) viable strategy? I've hodled almost every coin so far, ofc I am still at a loss, but it's looking much better than 1 year ago.

Long sideway moves make me a temporarily BTC maxi, 

Besides the obvious goal; get rich and lambo.

What do you do in the crypto game? I wanna hear from the pros and veterans, and the new guys, and anyone in between.

Do you mine or stake? Do you DCA and just holding long term waiting for the big one? Are you skimming profits or HODL till death? Do you still look for shit coins that pump and then you pull your profits after 1 or 2 days? Or do you have a good portfolio and you hold your investment and slim profits as they come and go?

I’m just curious what everyone’s strategy and goals are in this rollercoaster of a ride.

Your short term and long term goal in crypto

Introduction:
https://berichrightnow.com/pawns/

Share Your Opinions and Internet to Get Free Free Bitcoin


If you want to use it non-custodial, you need a 100% uptime connection or risk losing all your funds. So already a non-starter. Opening/closing/changing balance needs an onchain transaction, so doesn’t really help with scaling. Channel management sucks, if you don’t have an income stream paid via lightning, you’ll have to constantly rebalance your channel, and you’re limited by others liquidity. If you are paid more than you spend eventually you have to rebalance as well. Since you need to do an onchain transaction to close, you might find it difficult to do so as you chain fees vary over time.

It stupidly tries to solve Bitcoin scaling, and is itself dependent on Bitcoin's scaling.

LN's own white paper admits that its claims of scaling up Bitcoin for global adoption only works on a fictional version of Bitcoin. One where Bitcoin's TPS is increased thousands of times first.

LN's own conclusion of a "solution" is that Bitcoin needs to scale itself up by orders of magnitude. lol

Bitcoin's TPS is so hilariously bad it is literally too slow just to use it once or twice to onboard the world into some half-baked layer 2 "solution." And by "too slow to use it," I mean there's only enough for every adult on earth to get 2 transactions on it in their entire lives. That is literal, not hyperbole.

Can someone answer these arguments about Bitcoin and lightning

What is it like to be discreetly wealthy?
I’m low-end wealthy with a net worth of over four million (USA) dollars. That's not "rich" to many people, but it suits me.

I love being a stealth millionaire. I live in a home that I purchased for $240,000 cash. My neighborhood is very middle-class. I drive a Nissan, and my wife drives a Honda. We buy our cars new (also with cash), but we keep them for approximately ten years. Not a soul, other than my wife, knows what we have. When we die, our children will very likely be quite shocked.

I fix virtually everything that breaks. I rotate my own tires. I have a garage full of tools, because over the years, I always bought the special tools to repair things, rather than paying someone outrageous prices to “fix” it. The tools have saved many, many thousands of dollars.

We shop at the Dollar store for things like detergents and cleaners. Our favorite restaurant is In-N-Out. Ninety percent of the time, I wear jeans and a black "polo" shirt (non-branded). People have actually commented on my limited wardrobe (shockingly rude), but I don't care -- because a couple of these commentators likely had a negative net worth!

OK, now here's the fun part. I never worry about money. I can buy anything I want (except jets, yachts, and ridiculous houses, I feel). Luckily, I enjoy a $10 purchase as much as many people enjoy their $10,000 purchases -- probably a lot more, because I'm not worried about making payments. Everyday expenses, utility bills, insurance, gasoline costs, and medical bills don't concern me. Though I do carefully compare prices - even on things like toilet paper.

I have never worried about whether I could pay a bill. If I need $500,000 in cash tomorrow, I can literally get it out of the bank. I enjoy walking into a car dealership every ten years, and writing a $27,000 check for a middling car. Their jaws drop, their eyes get wide - because they don’t think I have twenty bucks in my Walmart jeans, and they see my ten-year-old compact car sitting outside…(the one I'll sell myself, not trade in).

Travel costs don't concern me - and we travel a lot. We might sometimes splurge up to a “Premium Economy” seat. People wonder "where-do-you-get-the-money-because-you-don't-look-rich."

Luckily, I don’t have a thing for Maserati’s, wooden yachts, or jewelry. In addition to travel, I spend money on guitars, sound equipment, books, computers, and decent transportation. My wife likes needlework, not Dior. Our hobbies are inexpensive, in the overall scheme of how much money we’re talking about.

I grew up in a lower middle-class family, delivered newspapers for five years, and enlisted in the military (E-1) after high school. So much for my “privilege.” I achieved my wealth by working in non-managerial positions (as a scientist) in corporations for 29 years. While I was paid well, I never made more than $130,000 until the last four years of my career (I'm retired now). I used the tortoise approach to accumulate wealth.

I read so many questions where people ask how to "get rich quick." The key for me was frugal living, a decent education, careful saving and investing, and total avoidance of get-rich-quick schemes. All very boring, but it can work for you too.

There is a contingent of people (not usually nasty - but sometimes snarky) on Quora who believe you have to inherit money, or "get lucky" in some way in order to become financially independent. Or, being greedy, they spend their time scheming about a quick billion, when a million or so might work (almost) as well. They think all rich people live like basketball stars, when in fact, the vast majority of self-made millionaires don't live anything like that.

What is it like to be discreetly wealthy?

I know the very basics of buying/trading crypto bit not much more than that.

I have been using Coinbase to buy BTC and every so often transfer it to another wallet. There were fees involved in this but it wasn't enough to bother me.

Recently coinbase has caused me nothing but headaches as I keep getting errors and delays with the customer support not helping.

I've looked at other platforms but really can't get my head around them.

All I'm looking to do is buy BTC a few times a month (usually no more than £200 worth) and then periodically transfer some of the BTC to another wallet.

What is the most simple way to do this that doesn't involve crazy high fees?

Easiest way to buy and transfer BTC with minimal fees

The trick to making millions in crypto - Don’t keep checking your profits every 5 mins 🤑

There are so many, many benefits of not doing this: - You give that time to more important things like hobbies, family, upskilling, etc. These things affect your decision-making with crypto - You’re more calculated and don’t end up doing knee-jerk buys and sells because, most times, that’s how money is lost - Your life stops being volatile because you’ve started disconnecting from the super shaky crypto markets, now you can think like a sane person - Some of the owners of the biggest crypto exchanges and celebrity millionaires follow this trick - Overall, you're happier because you're not constantly obsessing over charts. Harvard research concludes that happy people are the smartest.

What do you guys think? Any experiences you want to share? Am I right, or missed the mark completely?

The trick to making millions in crypto,Don’t keep checking your profits...

Today a user in the Ethereum sub posted about being scammed by address poisoning. Scammers send dust (very small amounts of crypto) to get into your list of recent transactions with their own fake wallets.

The scammer faked the victim's Coinbase deposit address:

0xAcd88288.....................................................8750150 <== Coinbase address

0xAcD871c0.....................................................Af60150 <== fake

0xACdC8550....................................................1450150 <== fake

-----------------------------------------------------------------------------------------------

Never use addresses you see in your recent wallet transactions.
Always compare more than just the beginning and the end of an address.

Checking the first and last few digits of your address is NOT enough.

Not financial advice, just what I’m doing. I’m accumulating until crypto hits a total market cap of 2 trillion. Once it hits a total market cap of 4 trillion, I’m selling a third of everything. Once it hits a total market cap of 8 trillion, I’m selling another third. I’ll hold the rest after that. If the total market cap ever dips below 2 trillion again in that period, I’ll resume DCA.

Been a big cognitive release having a plan. Makes it so that I’m not subject to big booms and busts. I just do what I’ve written down on a napkin

What’s your plan?

I have a plan this go around and feel calm.

Where do people think Bitcoin is currently, is this purely a case of people buying the ETF speculation only to sell once it’s announced, is it a suckers rally in the face of a growing number of indicators that say we are staring in the face of a US (and possibly global) recession or is this likely the start of the bullrun?

I’d be interest to hear views from chartists as to what levels are the big resistance and support prices and what we would need to see to really be confirmed in a longer term uptrend - I appreciate we have been trending upwards for pretty much 12 months now since the low of $15k last November but all around things look bleak still even though many of the big tech companies are reporting bumper earnings.

Should I be pessimistic or optimistic? I’m a long term bitcoin hodl’er so I suppose I’ll just watch it wink again or rise and probably do very little about any of it but I’m interested in peoples opinddions as to where we are currently ($36,500 being the short answer 😅)

Suckers rally? Buy the rumour sell the news? Beginning of the bullrun?

After years of investing in crypto, I am struggling to see how any of this could possibly be legitimate.

As the title says. It just doesn't make sense to me why these companies would choose to make money off of the coin, or transaction fees alone (unless they are all out to make some cash and dash of course). All of this technology, all of these services, the use of a token/coin could be baked into being a publicly traded company.

The silly crypto dreams of crypto-maxis seem ages old by now. This isn't going to revolutionize the finance system as we know it. You've watched too much Mr. Robot or something. If you think some digital, super energy inefficient cash is going to store value forever... i've got bad news for you.

Eventually these companies and coins are going to need to provide real world value. Otherwise it's nothing more than some weird digital swap meet that will only financially benefit a fraction of the people playing the game.

I am struggling to see how this becomes part of our society in a big way. I am struggling to see that this is all nothing more than the wild, wild west of fake money and great advertising. I don't really understand a world where these companies are successful and legitimized without years of legislation.

I'm sure this will be downvoted to hell. But does anyone see a path to where this is not just some form of crazy day trading?

After years of investing in crypto, I am struggling to see how to be legitimate.

Eight moths ago I went to the supermarket and paid directly with Bitcoin here in Venezuela and I feel good about that

Hi there, Venezuelan living here.

When people use BTC to purchase things there is always some kind of remorse because you are spending something can be a lot more in the future, but in my case I hadn't option. I was going to sell them anyway to go to the supermarket, is not like I had a lot of USD waiting to be spent and couldn't wait the bull run to eat.

At that time the purchase equivalent was 30 USD / 725 Bs. (Bolivares, national currency) / 0.00124813 BTC

Exchange rate at that time was 1 USD = 24 Bs., now it is 1 USD = 37 Bs. (54% more)

That same purchase now should be around 33-35 USD and almost 1,300 Bs. But 0.00124813 BTC are now around 46 USD, 53% more!

Eight moths ago I went to the supermarket and paid directly with Bitcoin

As markets push higher, I feel it's time to utter the forbidden words before it's too late. There will be a point in time when bitcoin reaches a new ATH, and when it does - history will repeat itself. If you are here right now make sure you stand on the right side of it.

In my experience, the HODL sentiment is pushed onto new retail investors, by other new retail investors. There is a reason HODL is a meme on reddit, and not a strategy at Blackrock. The reality of the situation is that as BTC reaches a new ATH, the smart money will start to slowly dump their bags on the poor souls who just jumped the bandwagon, but doesn't know the next station is the final stop.

Not adhering to HODL doesn't mean you don't believe in the long term value of BTC, quite the contrary. All it means, is that your are objective enough to realize crypto is characterized by an extremely cyclical nature in this emerging stage of its lifecycle. Therefore, selling at least some of your BTC is not a goodbye, it's simply a see-you-in-a-bit.

So whatever you do, don't ride your profits all the way up, just to ride them all the way back down again. Literally any profit-taking strategy is better than HODL when things are obviously getting way out of hand. And if you don't believe it's possible to spot a bubble, charts like this beg to differ. Heck you, could even use the "if-your-nana-asks" theory to know when to run for the hills.

I have a DCA-exit strategy using that chart (AlphaSquared Risk model) which worked well last time, and if you haven't already - a $37.000 BTC is your cue to start preparing.

This post will stir controversy now, and at the point of Bitcoin's new ATH, it'll be considered blasphemy. So make of it what you will, but I've been around since 2016, and this story repeats itself like a broken record.

HODL is not the way

I think Bitcoin is rising due to several factors, including:

Inflation concerns: Recent stimulus spending in the United States has led to growing inflation of the U.S. dollar, which is causing people to turn to safe-haven assets like Bitcoin.
Interest rate pause: The potential that inflation may reach the United States Federal Reserve’s 2% targets is providing hope that interest rate increases will pause at the Federal Open Market Committee (FOMC) meeting, an outcome that investors believe benefits risk assets like Bitcoin.
Improved market sentiment: The Bitcoin Fear & Greed Index highlights the improved sentiment, noting a six-point increase over the last month.
Institutional interest: BlackRock filed in June to launch a U.S.-based Bitcoin ETF, and Deutsche Bank announced that it had applied in Germany for a license to hold digital assets in custody.
Court decision: Bitcoin led a cryptocurrency price rally on Tuesday after a U.S. court sided with Grayscale Investments (GBTC) against the Securities and Exchange Commission in Grayscale's.
Technical factors: BTC held the key $26,000 level, giving confidence to traders and analysts who see this level as crucial.
Bitcoin Shorts liquidation: Bitcoin leaving crypto exchanges is generally perceived as a bullish signal since the available supply for spot selling decreases. With Bitcoin continuing to leave exchanges, liquidations also tend to have a strong impact on price. In the past 24 hours alone, over $28.4 million BTC shorts have been liquidated, with over $27.9 million in shorts liquidated in a 12-hour timeframe
Bitcoin halving: The upcoming Bitcoin halving, expected to take place in March 2024, might act as a potential trigger.
As of October 24, 2023, Bitcoin surged in value early Tuesday, extending a runup for the largest cryptocurrency. The digital token traded above $34,000, according to The Wall Street Journal.

Bitcoin price keeps rising, Why?


Bitcoin has gone mainstream. There are some people who hate me for it.

I’m getting quite a few people all asking me the same question: “Is it too late to invest in bitcoin?”

I don’t think it is. Bitcoin is a paradigm shift in a world that is high on worthless currency printed in excess. The only way to fund our excessive lifestyles is to increase the global debt and pay for it with money printed out of thin air.

My approach to bitcoin is different. It’s a little less drastic. I’ve been playing with it for years and have become fascinated by it. The rewards for me understanding bitcoin are now over 100,000%+ on the initial investment.

I don’t think I’ve ever made another investment like it. It’s likely I will never make another investment like it for the rest of my life. There may never be another investment like it.

The unfortunate psychological challenge when you buy something that performs beyond your wildest dreams is you think to yourself, “I should have bought more.” You can always want more and spend more. But it doesn’t matter. Money has never made me happy. The same is likely true for you.

So how do you manage your psychology when bitcoin mania is sweeping the world and it has gone mainstream? How do you cope when it’s trending on twitter, on the front page of every newspaper, being promoted by some of the biggest wall street tycoons in the world, like Paul Tudor Jones?

First, you stay calm.

You’re never late to anything in life. You’re right on time.

What bitcoin has done to date is irrelevant. If you haven’t bought any or don’t understand it then that’s not the issue. The issue is whether you are openminded enough to rethink everything you know about money and investing. If you are, there is opportunity.

If your mind is closed, the world is closed, and so are the opportunities.

When I first heard about bitcoin, I thought it was a joke. I made fun of my work colleagues who were buying a sandwich with half a bitcoin and loving life.

Bitcoin is extremely weird

The trouble with bitcoin is it’s not easy to understand. When people don’t understand a concept they quickly dismiss it and call it a scam so they don’t feel stupid.

There are 21 million coins.
You can’t create more coins.
The coins are digital.
The coins are only safe if you take them off the internet
Bitcoin is a way to store value. It’s not currently used as a currency to transact with and may never fulfill that need.
Bitcoin is a way to protect the value you create, with code humans can’t manipulate to pay for a covid crisis or a recession.
Bitcoin is a hedge. This means it’s the opposite of everything else you can put your money into. Owning both sides of a marketplace de-risks you. If you only invest your money in one thing, then if that asset has a downturn and never recovers, you lose the lot.
Bitcoin is an investment in an unknown, distant future.
Like I said, bitcoin isn’t normal. It confuses people and that’s what it was designed to do.

Bitcoin is a short-circuit in one’s financial thinking.

The “Too Late” Mindset Is Toxic

The too late mindset isn’t good for your psychology. It makes you feel like shit. When people think about bitcoin I quickly see them become disappointed. They wish they had listened earlier. Or they wish they had bought at least one bitcoin when the price was lower.

The problem with bitcoin is you can never buy at a good price. Why? Bitcoin keeps being the best-performing asset each year, and is now the best performing asset of the decade. Think about that. This is the superpower of bitcoin. It doesn’t matter when you buy it. What matters is that you do eventually.

Buy low, sell high

We’re taught to buy assets at a low price and sell them at a higher price. What if this was industrial age factory worker thinking?

The best time to buy bitcoin is when you decide to.

The reason is, bitcoin has a fixed supply of coins and predictable code built into it that tells you its future. You don’t have to be a genius to understand bitcoin’s future price.

A Dutch institutional investor known as Plan B created a stock to flow model which helps investors understand where the price is going based on the hard-coded, predictable monetary policy of bitcoin.

Once you understand stock to flow, then you’ll understand the overwhelming dollar value of guaranteed scarcity.