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

I work from home and stepped away from my workstation to use the bathroom this morning. Halfway through my 8 minute bathroom break I got a voicemail from my boss telling me that I either needed to call in sick, take pto or get back online right now. I reiterate, I was offline for 8 god damn minutes and they wanted me to use a sick day. I frequently skip breaks and work past when my shift is set to end. I got this job my second year in college because I was sick of working retail. This job has slowly gotten much worse than retail. The customers are worse, the supervisors don’t care if they verbally abuse you, your schedule can get changed without any notification, they give people work that they legally can’t be asked to do because the company won’t foot the bill to give employees proper qualifications and we get paid less than we would working at McDonalds. It was a decent place for a college student to work at first, but this entire company has gone to hell.

Edit: I just saw it was added to my file as a verbal warning! I’m in a pretty drawn out application process for a job that actually uses my degree and was planning to just tough it out till then, but so think it’s time to find a temp secretary position or something until the.

My boss wanted me to use a sick day to use the bathroom.

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, 

Hello all,

I decided to stop throwing money in a video poker machine once a week which is usually around $40-$60 and instead started buying $25 of XRP and $25 of Bitcoin every Monday. I'm doing this to stop myself from putting money in a video poker machine because I know in the long run I'll end up losing gambling. I could very well end up losing in this $50 a week strategy as well but this way I get to scratch the itch of gambling and it could work out well in the long run unlike the inevability of losing it gambling on a dumb poker machine or sports.

I make enough to save $500 every week when I get a paycheck and was wondering if this strategy is dumb or if someone else is doing something similar.

Would you stick with Bitcoin and XRP?

$60 Weekly Investment

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...

I think Yes, in most Western countries that’s very easy. Those women are called prostitutes, you simply pay them a bit of money and have sex with them. Usually they have their prices listed.

The laws about prostitution vary from one country to the next, even from once city to the next. Therefor it might be easy to find a prostitute in one place and difficult to find one somewhere else. But they’re always available, either legal or illegal.

Keep in mind, you hire a prostitute to have sex with you for a certain amount of time. For example for an hour. After that, she will show you the door. You don’t own her. You can only use her for as long as you pay, it’s how she makes money.

Is it easy in Western countries to find a free woman to have sex?

TVL is growing through the bear - I'm not sure why people think this is a good thing. The total value locked in defi is getting close to the previous all-time high for the chain. How are people expected to use the token if all of them are locked away in dapps?

Utility-focused NFTs are growing in popularity - I miss the days when buying an NFT meant spending thousands of dollars on a jpg. I want expensive PFPs for my Discord and Twitter. Now all the NFTs are focused on increasing defi rewards, fractionalized ownership of mining rigs, telecom networks, real estate, or data analytic tools. I think I speak for all of us when I say I just want expensive pictures again.

Lending/Borrowing protocols are everywhere - Debt isn't a good thing, no matter how much you might want to believe it is. Increasing the ability of the average crypto Joe to get into debt is a dangerous prospect.

There are no wallet drainers - Scammers make up a huge facet of the crypto GDP. Without wallet drainers, these hard-working folks are forced to use social engineering and other labor-intensive tactics to scam their victims. When they don't earn fair wages, what money can possibly trickle down?

Why Cardano will fail

All those people that never sold their crypto are celebrating 🥳 But is the Cryptocurrency Bear Market really over?

Is crypto Winter over?

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.

I’m always up for some weird, likely rug pulls with the hopes of a moonshot using some spare wallets.

Dumbest things I have that are almost worth nothing are some coins like:

Ecoterra: I’m a proud holder of around 4000 ecoterra. I could buy 2 Big Macs with it, but hope it will turn into an unexpected Lambo

MBS - UNKJD: Honestly, no idea what’s this or how I got it, but will make my grandchildren rich

BTTOLD: My favorite coin. At one points I was up 2x, watched it go down 96%. Still got rich. Rich from experience

SWEAT: I walk sometimes. 1000 Sweat coins tall, hoping to win a MacBook Pro on their app one day.

What are the worst coins you hold?

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.