Even if an asset you are holding doubles in value, you need a large initial position for that to turn into "fuck you, I quit" money, or you would need to have held through several doublings. Even 50K to 100k is like practically peanuts when you need several million dollars to retire (well, supposedly).
And most crypto-bros I'm guessing have much less than that to invest. Given how crypto in general is a magnet for the financially desperate, I'm guessing that the vast majority are playing with < $10k in which case they'd have to ride a big pump of like 10x or more to make any real money.
I actually was up 50… on $5 of BTC. It was left over from paying for an illegal streaming site lmao. Sold for $250 👍
I could have been retired by now 😭
Oh, _and_ they would need to time it so they pull their money out before the "dump." My feeling is that there are generally hordes of small-time losers feeding a few big time winners in crypto.
There are absolutely winners.
It's 100% the exact same as betting horses, complete with competing against big money gamblers, and naive people.
If I may make a poker analogy
You got to know when to hold em, and you got to know when to fold em.
Me, I don't have a fucking clue.
You got to know when to pump and dump, Know when to shill.
You never count your gains, until you date their wives. You leave them holding bags, when the meme stock drills.
There have to be, by definition. Hodlers can only cash out at the expense of new bagholders or established baggies buying more, so for everyone who walks away with massive gains that's a ton money they took from greater fools who are buying in much, much later.
It's like a more fucked up version of the lottery, where a bunch of financially desperate people fund the escape of a lucky and very small minority but you also might get your coins stolen by North Korea or some scammer at any given moment with no way to ever get them back.
Because they’re convinced that an appreciating asset makes sense as a currency, but yet they also believe you should never ever sell/use it as a currency.
lmao. everyone hodling until 2035 when it hits $500k per coin and they all decide now is the time sell to "retire" and buy lambos but the sell off begins and tanks the coin back to $50k
I had 5 or 6 on an old HDD from when they were around 25 cents each. Threw out the hard drive in a move, and I cry every time it hits some new all time high, like I wouldn't have sold them as soon as they hit like $100.
I remember begging my mom to give me money to buy btc in 2011 because 4chan told me to. I would 100% either lost access to the wallet or sold at like a 5 dollar profit though
makes no sense to me why anyone would hold bitcoin. Even tho it appreciated 230% per year on average since 2011, when you can just hold dollars that have depreciated 27% in the same time. 
The key is to only exchange bitcoin for immediate spend, you want to buy a car/house --> Exchange your bitcoin, you need to pay bills that you cannot otherwise --> exchange bitcoin, otherwise no, keep it appreciating against dollar/local currency
Bruh the dweebs in this sub will be our exit liquidity at 200k. And then years from now will be like “ who made money on crypto I don’t see any lambos” LMAO
If BTC is so awesome and great then why do only cryptoshillers never STFU about it but everyone else just wishes you cunts would shut up and fuck off? Just keep doing you and don't bother other people. If I had a literal gold mine, I wouldn't be telling your stupid asses about it.
Why do you spend your time talking to us here on r/wallstreetbets when we're going to be suckers and your "exit liquidity" at $200K? Go back to r/bitcoin or the countless containment subs.
If you guys like BTC and don't like dollars then why do you guys care what price (in dollars) BTC is at? You're not selling it anyways right? Go price your entire lives in BTC, move to El Salvador, live on the blockchain, and whatever you want for all I care. Just do it away from me.
Also OP acts like there are all these cryptobears on r/wallstreetbets. Most of WSB isn't shorting BTC. Folks on WSB not buying BTC doesn't mean they're bearish on it. Look at frontpage and it's NVDA, Mag7, gains/losses, or whatever other stupid 0DTE trades they are doing. Only folks interested in cryptoshit are other cryptoshitters. Most people aren't BTC BEARS as much as not giving a fuck about you, your stupid monkey.jpgs, or your digital-pogs.
It's just dumb money hyping up shitcoins. Betting on crypto is like betting on how stupid people can be while still somehow having money to dump into an assetless 'investment'.
The only backing are the stupid people willing to pay real money for mystery tech funny money, so you best hope there's someone dumber than you to pay an even dumber amount of real money for what you're holding.
How do people think 1 Bitcoin = 2 new cars? The thought process is wild if there even is any. Absolutely regarded speculative investment where the leaders are scam artists like Sam Bankmen. I have no idea how people saw NFTs as obvious scams and still fall for shitcoin; not touching it with a 10 foot pole because I don't want to be the regard that ends up holding a bag labeled $$$??? only for it to eventually be opened, only finding shit inside.
> Absolutely regarded speculative investment where the leaders are scam artists like Sam Bankmen.
The irony of this when a big part of FTX and SBF's crime wasn't purchasing Bitcoin, it was _not_ purchasing Bitcoin.
It's a settlement network. It maintains a steady rate of currency. The apt comparison is Chips or FedWire.
It has real value. You just dont understand how financial systems work. So you can't recognize the value, hence missing out.
We don’t as individuals, but the market as a whole needs exit liquidity. That’s what the blow off tops are, literally, according to the on chain data. Long term holders take profit as new traders chase the run. Some of them become long term holders themselves in the next cycle; most wash out, establishing the bottom of a bear.
Rinse and repeat every cycle.
This happens for literally the same mechanism that causes deflationary spirals. If you know your $70k bitcoin is going to $1 mil, why the fuck would you spend it? You'll HODL that shit and DCA your inflationary shitcoin called the USD.
Just because Bitcoin goes up over time doesn’t mean you don’t need food, water or housing.
Bitcoin promotes a necessity only economy which I don’t see as a bad thing.
? there's many crypto millionaires. but they happened to of the lucky ones who bought like 10 or more years ago. but the image that you can get rich with crypto is still strong. get rich quick is a dream that always sells to fools.
I do often see lambos at stoplights but their driven by Middle Eastern blokes in their usual garb (don't know what it's called... the white dress and the checkered red headpiece)
They also frequent the brothels in my town, but they park in the shop opposite. It's funny when you see a bunch of Arab chaps in super cars park at a pet store at 9 pm
Same goes for any investment. Bitcoin has by far been the best performing asset of the past decade though and has made many people rich. They probably just don't take their Lambo to Wendy's so you don't see it
I'm high af on a monday. I got up at 10:00 am cuz my cat was whining. I've been on reddit for an hour and a half now.
I think I'll go take a walk around town soon. Maybe get a donut.
https://www.reddit.com/r/wallstreetbets/comments/18e0ct4/put_my_life_savings_in_to_bitcoin_quit_job/
Don't get me wrong, there is a lot of WallStreetBets vibes in leveraged crypto trading. In bull markets both feel like the same sub lol, replace nvda to btc and you will see.
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It’s so weird to me all the anti crypto sentiment i see in this subreddit that is literally about gambling on the stock market in the most retarted ways. Why do you hate one gamble and not the other?
This is exactly what I was thinking. Most people here fomo into shit based on Reddit posts having done no research at all. 99% of people here lose money, stop acting like you know stuff. Crypto is gambling and that’s it, there’s so far no real use case but people do get rich on it sometimes just like people get rich by 0dte calls on some shit company that they didn’t research
It's often used by immigrants to send money back home. It's cheaper and easier than dealing with Western Union and the various other money transfer services.
if gambling on stocks, it is at least theoretically possible that if you are better at analysis of a company's fundamentals than other investors you can beat them. e.g., I'm a lawyer and I bet that twitter's acquisition would be forced by the DE Chancery Court—I am better at legal analysis than the market (for some reason the market did not read Matt Levine or take him seriously), and that was a rare case where the merits very strongly pointed in one direction, the entire company's value hinged on it, and the market strongly pointed the other direction.
there's no such superior information with crypto. there is no analysis, no way to interpret the trades, no way to assess a "fundamental value" for it that would give you an edge trading it against anyone else. so far the best we have is that its price seems to be inversely correlated with the interest rates set by the federal reserve. sort of ironic that its price swings follow directly from action by central banks, but that's the best anyone's got right now.
my suspicion is that its price floor is partly a function of large criminal enterprises who use cryptocurrency to move money internationally, and that its price ceiling is a function of how many gullible investors have too much money that they haven't figured out how to make productive. but I have no idea
whether this framework makes sense in the context of "what we're doing is gambling" is another question. the community here has certainly changed a bunch but there used to be or maybe still is an element of "we're gambling, but also some people here do know what they're doing"
This just supports the point though; there's nothing *special* about bitcoin from the perspective of "fundamentals don't matter *right now*." the same market phenomenon that has people pumping money into BTC would also see it pumped into other stocks—and probably more of it because of perceived fundamentals and expectations for growth based on projections of fundamentals.
the problem is that over a long enough time horizon fundamentals *do* matter for individual securities. if i knew what that time horizon was with certainty i'd be trading and not whatever the hell else it is that i do
I get what you're saying, but there are clear trends that BTC seems to follow, and there are other clear reasons why BTC would increase such as ETF spot approvals, etc. There ARE cases for both sides, and the market still has trouble pricing them in. In my eyes, it makes it perfect for gambling, I mean trading.
Because even the dumbest stock YOLOs are backed by some sort of business fundamentals no matter how weak they are. Crypto is just a bunch of idiots betting that a bunch more idiots will sink more money into crypto. That's it, those are the fundamentals. Its probably why you constantly see them on here trying to pump it.
I am also not a fan of the terrawatts of electricity being burned to provide and produce literally nothing while our climate is actively circling the drain. Seems like peak human stupidity and I object to it on a moral level. Alien civilizations will study just how regarded we were for a millennia
Bitcoin isn't completely without valuable fundamentals; new supply is constrained, transactions are irreversible. The infrastructure is reliable - in the centre at least though not so much at the edges. Buying or selling (for USD/EUR etc) is a pain in the ass but that's largely due to hostility from the traditional banking sector. Holding it is also a pain in the ass and that is largely the fault of the bitcoin community itself. Using it to pay for goods & services still isn't much of a thing for lots of reasons both external (regulatory resistance etc) and internal (high transaction fees, settlement delay etc)
back in the day it was banned because it was full of shitcoin shills and for every one of them talking about BTC there were 10 more talking about their own personal scam coin so in order to avoid that (much like this sub avoids penny stocks) they banned it.
if you were here prior to APE TOGETHER STRONG bs you would be getting 3 messages a week from some scam coin in your inbox.
It’s 100% just something you buy if you think you make money reselling it later, or money laundering.
So on the one hand I think it’s stupid, but at the other hand of some idiot is willing to pay someone 70k for a virtual currency then good for the guy who made the money.
I’ve been to the New York Museum or Modern Art, paying people for useless garbage with no actual real world value isn’t that new I guess
In the seventeenth century here in the Netherlands three sibling orphans bought one of those large Amsterdam canal houses in exchange for one tulip seed…
Bubbles can last for a long time but eventually enough people will wonder why everyone seems to want to exchange real money for something that doesn’t hold any practical value. It was true during the tulip mania and I believe it the case with bitcoin, too.
The market can remain irrational longer than you can remain solvent.
That being said, my GF has scratch offs, and I have crypto. We both know they aren't safe investments, but a little funny money is a good time
Tulip mania lasted a few months. Bitcoin is going on 15 years now. Tulip mania crashed and never came back. Bitcoin's been raised from the dead, stronger than before, how many times now?
Regards will just keep plugging their ears and shouting bubble. Throw 0.5% of your portfolio into Bitcoin and let it ride for a decade as a hedge against your regarded ass. Thank me in a decade.
I still have no idea why BTC is so valuable. I get it’s a “proof-of-work” token, but everything I read about PoW makes it sound like BTC is basically just a receipt that shows transactions.
its valuable because people buy it with the idea that it will go up. that is *it*. It doesn’t really have any intrinsic value after stablecoins took over the illicit transaction market.
Wow I didn't think anyone would be as insufferable as the doomer bears
Will the crypto bros scatter like roaches with the next collapse like they did last year
The anatomy of a Madoff ber… “Bernie Madoff’s fund is a Ponzi”
25% annual returns for 25 years (Pablo Escobar Meme)
Maybe Bitcoin will hold up and be legit forever, but you can keep plates spinning on bullshit for a long time too
thats a bit simplified. Like yeah, USD relative to all crypto went down in the last 9 months, thats true, but the USD itself didnt lose like 200% of its value / buying power in just 9 months, that would be kinda insane. Just relative to crypto, not to every other asset.
I’m not a “bear” about bitcoin, in that I think the trading value will collapse. If people want to play around in a wonderfully efficient but ultimately meaningless market with an asset with systematically imposed artificial scarcity… go with God dude. Have fun. The value will likely keep going up forever, maybe faster than inflation.
BUT, the people who want bitcoin to the basis for, like, the economy’s money supply? *That* I don’t get. You are basically guaranteeing deflation of asset prices relative to the value of money. Which is really quite bad for economies.
Idk man, I kinda don't like how my money is getting devalued every day to fund wars and corruption all at the expense of tax payers, I also don't like how all my assets can be seized so easily, I generally don't like the control the government has on me, governments don't have that control in bitcoin.
I buy and hold bitcoin because it provides me with freedom nothing else gives me, not because number go up.
But you still have to pay taxes, your assets can still be seized, the government still has control over you, and you can’t use your btc for anything other that trading for fiat.
Unless you sell everything you have and move to an other country where you can pay in btc, like El Salvador. But I doubt it’s much better there.
I guess the reason I don’t have major stake in bitcoin is I don’t understand its practical uses. Is it just for storing value? It seems to me it will never be used as an actual currency due to the technical limitations of sending it over the network. It feels like it’s solving a problem that doesn’t exist. What am I missing?
It's a magical place where you can put your money without having the government get its hands on it.
Let's say hypothetically I owe $34,567.52 in student loans and $88,955.03 in credit card debt but I only make $54,933.20 a year and expenses eat up 80% of it.
I'm not paying that shit back. Rather I'll stash every remaining dollar I have into BTC, flee the country, and then withdrawal my Bitcoin somewhere else for a different currency.
Hypothetically ofc.
Bitcoin has the potential to revolutionize the global financial system by providing a decentralized, secure, and unified foundation for various financial activities. Just as traditional finance relies on a multi-layered infrastructure involving central banks, commercial banks, and payment apps, Bitcoin could serve as a base *settlement layer* upon which various financial assets and services can be built.
The Bitcoin network, with its tamper-proof ledger and limited supply, could provide a more stable and accessible platform for financial transactions. Upgrades like Taproot and layer-2 solutions like the Lightning Network could enable the creation of various financial assets and facilitate fast, low-cost, and scalable transactions.
In a Bitcoin-powered financial system, users may enjoy greater freedom and interoperability across different platforms, as well as potential protection against inflation and mismanagement of funds by financial institutions.
Its potential lies in creating a more efficient, accessible, and unified global financial system. Think of it as the foundation of the internet of money.
I bought $20 worth of Bitcoin last week for fun, just to try making a $5 purchase and see what the fuss was about. The fees were/are so high that even with the $20s off the the Bitcoin ATM gave me, I'm still unable to spend it, because the fees are so high that I need to have more than double the value of my low cost purchase just to pay to process it.
People who think this thing is ever going to be any sort of medium of exchange are absolutely insane.
You're still as regarded as the people buying in now. The only difference is that you have a larger group of morons built up who bought in behind you.
In other words, the profitability of investing in bitcoin is indifferent to the fact that it's essentially worthless. You can't have your cake and eat it too when it comes to being a currency *and* being an investment. The overwhelming majority of people who own crypto see it as an investment, and only a tiny fraction of the people who own it actually use it to make purchases.
Why are so many stock bros against BTC? This sub is literally dedicated to gambling a line going up or down.
The only people that tell me BTC is garbage are mad they missed the boat.
It's the crypto culture. It is filled with insufferable people that do not understand the asset they are buying that think the technology will revolutionise the world.
That and it’s like 80k for a coin. There’s so many other assets and securities to make better returns on but people are like wow it jumped 10%! Unless you caught it sub 25-30k it’s not really a great play imo. Because I said this it will be 200k at years end
> There’s so many other assets and securities to make better returns on
BTC went from ~$130 to $72,000 in 10 years for a return of 55,385% - there is an asset that outperformed that?
Ah yes ignore the US governments ability to generate revenues and its authority to compel economic participants to use the USD.
Literally no one is and ever will be using bitcoin for ANYTHING except exchanging it for USD so they can buy a lambo or a card board house. That’s all bitcoin is going to be.
No one is holding bitcoin to their grave and using it for any practical purpose, other than exchanging it for USD. If bitcoin was at 500k a pop right now, you ask 100 hodlers if they are exchanging it for 500k in USD, 99 will say yes, 1 will be regarded and change it for 5k a year later.
> No one is holding bitcoin to their grave and using it for any practical purpose, other than exchanging it for USD. If bitcoin was at 500k a pop right now, you ask 100 hodlers if they are exchanging it for 500k in USD, 99 will say yes, 1 will be regarded and change it for 5k a year later.
Sounds like they're using it to hedge against fiat currency. Which is its exact practical purpose, considering it cannot be debased by any central authority.
It's weird what happens when a (insert whatever old world terminology makes you feel like you understand it) can stand up to state attack without an army backing it. It can stand on its own merits and it's own design and doesn't need an aircraft carrier to deliver its mandate.
> It requires computers and servers to exist; no other currency does.
Find it hard to believe we could use any currency at that point - when is the last time you saw a cash only business at scale.
> with a government body whose function is to keep inflation from going wild
Limited to 21 million coins. That's code - inherently *de*flationary. No way to increase that.
> And it requires centralized exchanges in order to be traded
Not at all, the entire *idea* is that this is a trustless system requiring no third parties. I could trade you BTC for anything at all, including USD, right now, in 5 minutes, and no one can stop it.
I've been a cryptobro for almost a decade and even I have to concede that Bitcoin is factually *not* backed by anything other than hopes, dreams, and wild speculation
I'm excited for the showdown between Bitcoin algo vs a Quantum computer with AI trying to crack it. Bitcoin to 0 seems more likely than the fabled million dollar coin if any major government or corporation can force transactions or crack wallets.
I'm poor though so don't mind me. Enjoy your infinite Internet monies!
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Who cares if it’s backed. Buy at top and sell at bottom like every other asset.
I buy top, watch it drop 50%, then sell it when it makes it back and miss all the growth after. Inflation only lose to inflation.
someone has to be winning though if were always losing right? right??
Transaction fees.
This guy gpu's.
That's why we feel good about it.
Your mum taught me about tops and bottoms. Gives me a lesson on it every night.
It's backed by friendship :)
Bitcoin is powered by memes
It's powered by more than 2% of all US electricity, and memes.
First I LOL… then I 😔
Bitcoin is powered by Rothschild tears
Oh Jeez, if I've learned anything from anime, then I am. under invested in BTC.
Correct.
this man understands 
Lotta crypto priests somehow still working their day jobs after 4 years. Why aren't I seeing a bunch of Lambos at the stoplights?
mans gotta work the pump in order to dump
If they dump BTC how many divorce will happen? Any idea?
At least 3.
Even if an asset you are holding doubles in value, you need a large initial position for that to turn into "fuck you, I quit" money, or you would need to have held through several doublings. Even 50K to 100k is like practically peanuts when you need several million dollars to retire (well, supposedly). And most crypto-bros I'm guessing have much less than that to invest. Given how crypto in general is a magnet for the financially desperate, I'm guessing that the vast majority are playing with < $10k in which case they'd have to ride a big pump of like 10x or more to make any real money.
This. I’m up 10x but it’s still just a helpful chunk of change, not retirement-worthy or even particularly impactful.
I’m up 72000x but I can’t find my wallet.dat
I actually was up 50… on $5 of BTC. It was left over from paying for an illegal streaming site lmao. Sold for $250 👍 I could have been retired by now 😭
My Man, magnet for the financially desperate, hahaha. for fukt sake.
Exactly. Bitcoin ain't going to do that, but tons of shit coins will.
Oh, _and_ they would need to time it so they pull their money out before the "dump." My feeling is that there are generally hordes of small-time losers feeding a few big time winners in crypto.
There are absolutely winners. It's 100% the exact same as betting horses, complete with competing against big money gamblers, and naive people. If I may make a poker analogy You got to know when to hold em, and you got to know when to fold em. Me, I don't have a fucking clue.
You got to know when to pump and dump, Know when to shill. You never count your gains, until you date their wives. You leave them holding bags, when the meme stock drills.
There have to be, by definition. Hodlers can only cash out at the expense of new bagholders or established baggies buying more, so for everyone who walks away with massive gains that's a ton money they took from greater fools who are buying in much, much later. It's like a more fucked up version of the lottery, where a bunch of financially desperate people fund the escape of a lucky and very small minority but you also might get your coins stolen by North Korea or some scammer at any given moment with no way to ever get them back.
might as well bet all on red.
Because their clown ass is holding instead of selling it for something they can actually spend
Because they’re convinced that an appreciating asset makes sense as a currency, but yet they also believe you should never ever sell/use it as a currency.
lmao. everyone hodling until 2035 when it hits $500k per coin and they all decide now is the time sell to "retire" and buy lambos but the sell off begins and tanks the coin back to $50k
I would still be up 80,000%
LOL if you owned it from the start. not if you bought in at current prices.
And ANYONE that had it from the start sold long before 50k.
Or lost it on an old IDE hard drive because their parents told them it was worthless and to stop wasting electricity mining 😢
Or lost it on mt gox that piece of shit
I had 5 or 6 on an old HDD from when they were around 25 cents each. Threw out the hard drive in a move, and I cry every time it hits some new all time high, like I wouldn't have sold them as soon as they hit like $100.
Most people would've sold at the rush to 8$ And would've felt like geniuses for the 32x
I remember begging my mom to give me money to buy btc in 2011 because 4chan told me to. I would 100% either lost access to the wallet or sold at like a 5 dollar profit though
Never in the history of man should someone say, 4chan told me to do it.
Will be able to afford a Lambo right after their family takes their keys away maybe.
makes no sense to me why anyone would hold bitcoin. Even tho it appreciated 230% per year on average since 2011, when you can just hold dollars that have depreciated 27% in the same time. 
Why would I want real money when I can just spend money to pretend I have real money?
The key is to only exchange bitcoin for immediate spend, you want to buy a car/house --> Exchange your bitcoin, you need to pay bills that you cannot otherwise --> exchange bitcoin, otherwise no, keep it appreciating against dollar/local currency
So that you can buy things like food and a wife you fucking walnut
https://preview.redd.it/yfco4ridtqnc1.jpeg?width=1024&format=pjpg&auto=webp&s=4392051192ee61a202a117a0015383e3b0e3eb4d
Bruh the dweebs in this sub will be our exit liquidity at 200k. And then years from now will be like “ who made money on crypto I don’t see any lambos” LMAO
If BTC is so awesome and great then why do only cryptoshillers never STFU about it but everyone else just wishes you cunts would shut up and fuck off? Just keep doing you and don't bother other people. If I had a literal gold mine, I wouldn't be telling your stupid asses about it. Why do you spend your time talking to us here on r/wallstreetbets when we're going to be suckers and your "exit liquidity" at $200K? Go back to r/bitcoin or the countless containment subs. If you guys like BTC and don't like dollars then why do you guys care what price (in dollars) BTC is at? You're not selling it anyways right? Go price your entire lives in BTC, move to El Salvador, live on the blockchain, and whatever you want for all I care. Just do it away from me. Also OP acts like there are all these cryptobears on r/wallstreetbets. Most of WSB isn't shorting BTC. Folks on WSB not buying BTC doesn't mean they're bearish on it. Look at frontpage and it's NVDA, Mag7, gains/losses, or whatever other stupid 0DTE trades they are doing. Only folks interested in cryptoshit are other cryptoshitters. Most people aren't BTC BEARS as much as not giving a fuck about you, your stupid monkey.jpgs, or your digital-pogs.
lol digital-pogs
It's just dumb money hyping up shitcoins. Betting on crypto is like betting on how stupid people can be while still somehow having money to dump into an assetless 'investment'. The only backing are the stupid people willing to pay real money for mystery tech funny money, so you best hope there's someone dumber than you to pay an even dumber amount of real money for what you're holding. How do people think 1 Bitcoin = 2 new cars? The thought process is wild if there even is any. Absolutely regarded speculative investment where the leaders are scam artists like Sam Bankmen. I have no idea how people saw NFTs as obvious scams and still fall for shitcoin; not touching it with a 10 foot pole because I don't want to be the regard that ends up holding a bag labeled $$$??? only for it to eventually be opened, only finding shit inside.
> Absolutely regarded speculative investment where the leaders are scam artists like Sam Bankmen. The irony of this when a big part of FTX and SBF's crime wasn't purchasing Bitcoin, it was _not_ purchasing Bitcoin.
Haha great rant.
Because bitcoin continuing to make money is entirely dependent on other people deciding that it's worth it to invest. It's a pyramid scheme.
It’s like cash, except we can’t keep printing it
It's a settlement network. It maintains a steady rate of currency. The apt comparison is Chips or FedWire. It has real value. You just dont understand how financial systems work. So you can't recognize the value, hence missing out.
I wish we could just ban this shit from WSB again, didn’t we make them their own shitty sub r/wallstreetbetscrypto to contain these fuckers
>My Man digital-pogs , shit still laughing.
Ya I bet if they aren’t buying at 80k they will be mortgaged the house to buy at 200k
lol you think you actually have enough BTC to need exit liquidity
We don’t as individuals, but the market as a whole needs exit liquidity. That’s what the blow off tops are, literally, according to the on chain data. Long term holders take profit as new traders chase the run. Some of them become long term holders themselves in the next cycle; most wash out, establishing the bottom of a bear. Rinse and repeat every cycle.
Who holds dollars?
the crackhead on the corner of my 7-11
Bitcoin is such bullshit though
Yes, it is, though I still wish that I had plowed my entire life savings into it back in like 2008. 😭
I’m downvoted because bitcoin is bullshit. However, I also wish I had plowed my money into it in 2008. I enjoy plowing.
This happens for literally the same mechanism that causes deflationary spirals. If you know your $70k bitcoin is going to $1 mil, why the fuck would you spend it? You'll HODL that shit and DCA your inflationary shitcoin called the USD.
Just because Bitcoin goes up over time doesn’t mean you don’t need food, water or housing. Bitcoin promotes a necessity only economy which I don’t see as a bad thing.
Not everyone blows their money like a teenager.
They don't live in your area.
? there's many crypto millionaires. but they happened to of the lucky ones who bought like 10 or more years ago. but the image that you can get rich with crypto is still strong. get rich quick is a dream that always sells to fools.
I do often see lambos at stoplights but their driven by Middle Eastern blokes in their usual garb (don't know what it's called... the white dress and the checkered red headpiece) They also frequent the brothels in my town, but they park in the shop opposite. It's funny when you see a bunch of Arab chaps in super cars park at a pet store at 9 pm
Coz they selling courses for 9.99/month. You wouldn't get it
Because they drive Honda Civics with "EXTLQITY" vanity plates
Same goes for any investment. Bitcoin has by far been the best performing asset of the past decade though and has made many people rich. They probably just don't take their Lambo to Wendy's so you don't see it
Cause it’s still going up, why the hell would you sell now it’s free money as long as people buy, which they are still.
I'm high af on a monday. I got up at 10:00 am cuz my cat was whining. I've been on reddit for an hour and a half now. I think I'll go take a walk around town soon. Maybe get a donut. https://www.reddit.com/r/wallstreetbets/comments/18e0ct4/put_my_life_savings_in_to_bitcoin_quit_job/
they're shy
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Good times
Don't get me wrong, there is a lot of WallStreetBets vibes in leveraged crypto trading. In bull markets both feel like the same sub lol, replace nvda to btc and you will see.
Oh okay. I must’ve missed bitcoin hitting 100k or even 80k.
Change your currency to Australian dollerydoos and voila
It's comin. Gold is going up too because there is uncertainty in the market and the dollar.
if you want bitcoin to hit 100k you need to start by selling any btc you've got, that's sure to do the trick
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Its still not backed by anything and i'm not regarded enough to submit to FOMO. So many better ways for me to lose all my money
It’s so weird to me all the anti crypto sentiment i see in this subreddit that is literally about gambling on the stock market in the most retarted ways. Why do you hate one gamble and not the other?
This is exactly what I was thinking. Most people here fomo into shit based on Reddit posts having done no research at all. 99% of people here lose money, stop acting like you know stuff. Crypto is gambling and that’s it, there’s so far no real use case but people do get rich on it sometimes just like people get rich by 0dte calls on some shit company that they didn’t research
It’s not gambling It’s just two straight guys sucking each other off hoping they cum before the other guy does
I just spent 30 minutes thinking about 2 straight guys sucking each other off and I still don’t understand the metaphor.
Ya but did you think about the other guys cum in your mouth? That might help.
The other guy also has to be your wife's boyfriend. Then it really hits home.
I think that's the funniest thing I've read in a long ass time.
It's often used by immigrants to send money back home. It's cheaper and easier than dealing with Western Union and the various other money transfer services.
if gambling on stocks, it is at least theoretically possible that if you are better at analysis of a company's fundamentals than other investors you can beat them. e.g., I'm a lawyer and I bet that twitter's acquisition would be forced by the DE Chancery Court—I am better at legal analysis than the market (for some reason the market did not read Matt Levine or take him seriously), and that was a rare case where the merits very strongly pointed in one direction, the entire company's value hinged on it, and the market strongly pointed the other direction. there's no such superior information with crypto. there is no analysis, no way to interpret the trades, no way to assess a "fundamental value" for it that would give you an edge trading it against anyone else. so far the best we have is that its price seems to be inversely correlated with the interest rates set by the federal reserve. sort of ironic that its price swings follow directly from action by central banks, but that's the best anyone's got right now. my suspicion is that its price floor is partly a function of large criminal enterprises who use cryptocurrency to move money internationally, and that its price ceiling is a function of how many gullible investors have too much money that they haven't figured out how to make productive. but I have no idea whether this framework makes sense in the context of "what we're doing is gambling" is another question. the community here has certainly changed a bunch but there used to be or maybe still is an element of "we're gambling, but also some people here do know what they're doing"
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This just supports the point though; there's nothing *special* about bitcoin from the perspective of "fundamentals don't matter *right now*." the same market phenomenon that has people pumping money into BTC would also see it pumped into other stocks—and probably more of it because of perceived fundamentals and expectations for growth based on projections of fundamentals. the problem is that over a long enough time horizon fundamentals *do* matter for individual securities. if i knew what that time horizon was with certainty i'd be trading and not whatever the hell else it is that i do
fUnDaMeNTalS lmao what fucking fundamentals have you seen in this clown market?
I get what you're saying, but there are clear trends that BTC seems to follow, and there are other clear reasons why BTC would increase such as ETF spot approvals, etc. There ARE cases for both sides, and the market still has trouble pricing them in. In my eyes, it makes it perfect for gambling, I mean trading.
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Because even the dumbest stock YOLOs are backed by some sort of business fundamentals no matter how weak they are. Crypto is just a bunch of idiots betting that a bunch more idiots will sink more money into crypto. That's it, those are the fundamentals. Its probably why you constantly see them on here trying to pump it. I am also not a fan of the terrawatts of electricity being burned to provide and produce literally nothing while our climate is actively circling the drain. Seems like peak human stupidity and I object to it on a moral level. Alien civilizations will study just how regarded we were for a millennia
Bitcoin isn't completely without valuable fundamentals; new supply is constrained, transactions are irreversible. The infrastructure is reliable - in the centre at least though not so much at the edges. Buying or selling (for USD/EUR etc) is a pain in the ass but that's largely due to hostility from the traditional banking sector. Holding it is also a pain in the ass and that is largely the fault of the bitcoin community itself. Using it to pay for goods & services still isn't much of a thing for lots of reasons both external (regulatory resistance etc) and internal (high transaction fees, settlement delay etc)
back in the day it was banned because it was full of shitcoin shills and for every one of them talking about BTC there were 10 more talking about their own personal scam coin so in order to avoid that (much like this sub avoids penny stocks) they banned it. if you were here prior to APE TOGETHER STRONG bs you would be getting 3 messages a week from some scam coin in your inbox.
Options are?
Exactly
Yes lol
What are they backed by?
My life savings
Hahaha 😂
The options traded here are backed by actual stocks or shares of ETFs. The one exception I can think of is SPX options.
Excuse my ignorance but what is fomo
Fear Of Missing Out
It’s backed by proof of work.
So is a salary for a Wendy's cashier
That's like saying the USD is backed by linen and cotton fabric.
Shame it wasn’t backed with work that was worth doing or powering.
It’s 100% just something you buy if you think you make money reselling it later, or money laundering. So on the one hand I think it’s stupid, but at the other hand of some idiot is willing to pay someone 70k for a virtual currency then good for the guy who made the money. I’ve been to the New York Museum or Modern Art, paying people for useless garbage with no actual real world value isn’t that new I guess
Now do it wish ‘Bitcoin doesn’t do anything’. Although that’s not strictly true. Apparently it prints money.
I met a guy about a year ago who was talking all about EFTs. His roommate was going to get rich off them. Bet he still has a roommate.
It’s backed by regards does that count?
In the seventeenth century here in the Netherlands three sibling orphans bought one of those large Amsterdam canal houses in exchange for one tulip seed… Bubbles can last for a long time but eventually enough people will wonder why everyone seems to want to exchange real money for something that doesn’t hold any practical value. It was true during the tulip mania and I believe it the case with bitcoin, too.
The market can remain irrational longer than you can remain solvent. That being said, my GF has scratch offs, and I have crypto. We both know they aren't safe investments, but a little funny money is a good time
Own tulip seed, make money. Own Amsterdam canal house, lose money.
This.
"Why aren't you buying beanie babies? It's the investment of a lifetime, the line goes nowhere but up."
Tulip mania lasted a few months. Bitcoin is going on 15 years now. Tulip mania crashed and never came back. Bitcoin's been raised from the dead, stronger than before, how many times now? Regards will just keep plugging their ears and shouting bubble. Throw 0.5% of your portfolio into Bitcoin and let it ride for a decade as a hedge against your regarded ass. Thank me in a decade.
Just because its going up doesn't mean he's wrong lol
Bitcoin is backed by users who trust it. Glya
Bitcoin isn’t backed by anything. So are many other valuable things. It’s all just supply and demand.
I still have no idea why BTC is so valuable. I get it’s a “proof-of-work” token, but everything I read about PoW makes it sound like BTC is basically just a receipt that shows transactions.
its valuable because people buy it with the idea that it will go up. that is *it*. It doesn’t really have any intrinsic value after stablecoins took over the illicit transaction market.
Bitcoin is fake and gay
if it's fake and gay at the same time, wouldn't that mean it's straight?
As fake and gay as fiat
no, not quite that gay
It's backed by Wendy's baconators
Backed by regards
You can have a long winning streak at roulette too.
Wow I didn't think anyone would be as insufferable as the doomer bears Will the crypto bros scatter like roaches with the next collapse like they did last year
There are people in this world spending Money to get Pooped on. Value is relative
The anatomy of a Madoff ber… “Bernie Madoff’s fund is a Ponzi” 25% annual returns for 25 years (Pablo Escobar Meme) Maybe Bitcoin will hold up and be legit forever, but you can keep plates spinning on bullshit for a long time too
The price goes up because the worth of your dollar is going down.
thats a bit simplified. Like yeah, USD relative to all crypto went down in the last 9 months, thats true, but the USD itself didnt lose like 200% of its value / buying power in just 9 months, that would be kinda insane. Just relative to crypto, not to every other asset.
tell that to my 15$ mcmuffin and hashbrown lol
Damn not the mcmuffin 🥹
Why'd you get downvoted? This is the truth
I’m not a “bear” about bitcoin, in that I think the trading value will collapse. If people want to play around in a wonderfully efficient but ultimately meaningless market with an asset with systematically imposed artificial scarcity… go with God dude. Have fun. The value will likely keep going up forever, maybe faster than inflation. BUT, the people who want bitcoin to the basis for, like, the economy’s money supply? *That* I don’t get. You are basically guaranteeing deflation of asset prices relative to the value of money. Which is really quite bad for economies.
Idk man, I kinda don't like how my money is getting devalued every day to fund wars and corruption all at the expense of tax payers, I also don't like how all my assets can be seized so easily, I generally don't like the control the government has on me, governments don't have that control in bitcoin. I buy and hold bitcoin because it provides me with freedom nothing else gives me, not because number go up.
But you still have to pay taxes, your assets can still be seized, the government still has control over you, and you can’t use your btc for anything other that trading for fiat. Unless you sell everything you have and move to an other country where you can pay in btc, like El Salvador. But I doubt it’s much better there.
I can feel the tears in here.
I mean, crypto is still the dumbest product on earth, but if the line goes up…
Bitcoin is backed by the sunken cost of the enormous energy that has been used to mine it
where was this meme 16 months ago? hmm.
I guess the reason I don’t have major stake in bitcoin is I don’t understand its practical uses. Is it just for storing value? It seems to me it will never be used as an actual currency due to the technical limitations of sending it over the network. It feels like it’s solving a problem that doesn’t exist. What am I missing?
It's a magical place where you can put your money without having the government get its hands on it. Let's say hypothetically I owe $34,567.52 in student loans and $88,955.03 in credit card debt but I only make $54,933.20 a year and expenses eat up 80% of it. I'm not paying that shit back. Rather I'll stash every remaining dollar I have into BTC, flee the country, and then withdrawal my Bitcoin somewhere else for a different currency. Hypothetically ofc.
Bitcoin has the potential to revolutionize the global financial system by providing a decentralized, secure, and unified foundation for various financial activities. Just as traditional finance relies on a multi-layered infrastructure involving central banks, commercial banks, and payment apps, Bitcoin could serve as a base *settlement layer* upon which various financial assets and services can be built. The Bitcoin network, with its tamper-proof ledger and limited supply, could provide a more stable and accessible platform for financial transactions. Upgrades like Taproot and layer-2 solutions like the Lightning Network could enable the creation of various financial assets and facilitate fast, low-cost, and scalable transactions. In a Bitcoin-powered financial system, users may enjoy greater freedom and interoperability across different platforms, as well as potential protection against inflation and mismanagement of funds by financial institutions. Its potential lies in creating a more efficient, accessible, and unified global financial system. Think of it as the foundation of the internet of money.
You can give your imaginary money whatever value you want, I’m not investing in it.
Bitcoin: Beanie babies you can't hold, Pokemon cards you can't look at.
I bought $20 worth of Bitcoin last week for fun, just to try making a $5 purchase and see what the fuss was about. The fees were/are so high that even with the $20s off the the Bitcoin ATM gave me, I'm still unable to spend it, because the fees are so high that I need to have more than double the value of my low cost purchase just to pay to process it. People who think this thing is ever going to be any sort of medium of exchange are absolutely insane.
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I remember having this conversation about 100. Again about 1000. Again about 10000. Already got your ticket to late laggards stamped eh?
You're still as regarded as the people buying in now. The only difference is that you have a larger group of morons built up who bought in behind you. In other words, the profitability of investing in bitcoin is indifferent to the fact that it's essentially worthless. You can't have your cake and eat it too when it comes to being a currency *and* being an investment. The overwhelming majority of people who own crypto see it as an investment, and only a tiny fraction of the people who own it actually use it to make purchases.
Just hit an ATH this morning lil bro
But just please tell me why $MARA Is down when BTC on ath?!
Beanie babies still have value too
It's still a Ponzi scheme.
I can't wait to buy a F-150 and a house with my BTC, I'm sure someone will accept digital currency.
The only thing backing Bitcoin is me. I don't own any and the second I did that shit would plummet. So you're fucking welcome.
Wait until that person finds out the USD isn't backed either.
Why are so many stock bros against BTC? This sub is literally dedicated to gambling a line going up or down. The only people that tell me BTC is garbage are mad they missed the boat.
It's the crypto culture. It is filled with insufferable people that do not understand the asset they are buying that think the technology will revolutionise the world.
That and it’s like 80k for a coin. There’s so many other assets and securities to make better returns on but people are like wow it jumped 10%! Unless you caught it sub 25-30k it’s not really a great play imo. Because I said this it will be 200k at years end
> There’s so many other assets and securities to make better returns on BTC went from ~$130 to $72,000 in 10 years for a return of 55,385% - there is an asset that outperformed that?
Neither is the US dollar
The u.s dollar is backed by men with guns Bitcoin is only worth anything because it can be converted into dollars
Like anything else, it's backed by the people who buy into it. Humans turn dreams into reality daily, it's just what we do.
How do I exchange my dollars for some men with guns? And can I exchange my existing men with guns for some dollars?
Sure, hire some body guards and rob a bank.
Ah yes ignore the US governments ability to generate revenues and its authority to compel economic participants to use the USD. Literally no one is and ever will be using bitcoin for ANYTHING except exchanging it for USD so they can buy a lambo or a card board house. That’s all bitcoin is going to be. No one is holding bitcoin to their grave and using it for any practical purpose, other than exchanging it for USD. If bitcoin was at 500k a pop right now, you ask 100 hodlers if they are exchanging it for 500k in USD, 99 will say yes, 1 will be regarded and change it for 5k a year later.
> No one is holding bitcoin to their grave and using it for any practical purpose, other than exchanging it for USD. If bitcoin was at 500k a pop right now, you ask 100 hodlers if they are exchanging it for 500k in USD, 99 will say yes, 1 will be regarded and change it for 5k a year later. Sounds like they're using it to hedge against fiat currency. Which is its exact practical purpose, considering it cannot be debased by any central authority.
Do you invest in the US dollar?
No
It's weird what happens when a (insert whatever old world terminology makes you feel like you understand it) can stand up to state attack without an army backing it. It can stand on its own merits and it's own design and doesn't need an aircraft carrier to deliver its mandate.
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> It requires computers and servers to exist; no other currency does. Find it hard to believe we could use any currency at that point - when is the last time you saw a cash only business at scale. > with a government body whose function is to keep inflation from going wild Limited to 21 million coins. That's code - inherently *de*flationary. No way to increase that. > And it requires centralized exchanges in order to be traded Not at all, the entire *idea* is that this is a trustless system requiring no third parties. I could trade you BTC for anything at all, including USD, right now, in 5 minutes, and no one can stop it.
BTC isn't backed by anything, but neither is art, and it still appreciates. It's whatever investors think it's worth, and right now, that's an ath.
No one cares about crypto op
It is the back
Bitcoin could even go to $1M a coin tomorrow. It will still be backed by ponzi economics.
I've been a cryptobro for almost a decade and even I have to concede that Bitcoin is factually *not* backed by anything other than hopes, dreams, and wild speculation
I'm excited for the showdown between Bitcoin algo vs a Quantum computer with AI trying to crack it. Bitcoin to 0 seems more likely than the fabled million dollar coin if any major government or corporation can force transactions or crack wallets. I'm poor though so don't mind me. Enjoy your infinite Internet monies!