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TIL that the FBI seized 144,000 bitcoins from Ross Ulbricht (silk road guy) in 2013 following his arrest and conviction. They were valued at close to $28.5million at the time of seizure. They're now worth $1.9billion. : Bitcoin
Main Post: TIL that the FBI seized 144,000 bitcoins from Ross Ulbricht (silk road guy) in 2013 following his arrest and conviction. They were valued at close to $28.5million at the time of seizure. They're now worth $1.9billion. : Bitcoin
Is BTC too good to be true?
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Hey guys!
I feel like I understand a decent portion of BTC fundamentals. I've been seeing recently all the BlackRock stuff with BTC and looking into the future of it and I'm sold on a lot of the advantages with crypto, screw the dollar. Problem is I'm still skeptical in my gut. If BTC is supposed to be like a million by 2030-2035 (idk what estimates you guys like, please correct me if I'm wrong on anything), then besides the like 20-30% price fluctuations in the short term and of course drastic long term fluctuations (which you can plan around), why isn't everyone getting with BTC? I'm just an idiot with a computer and bought during the last dip because of a prediction off a YT video, something anybody can do. I understand there's a lot to learn, but still. Am I missing something?
Also a few quick questions. I know nobody is infallible and knows for sure but what are your favorite sources for price predictions and timing BTC's bear, accumulation, and bull runs? And how do you go paying for things that you can't with crypto? I'd like to pay for everything with crypto without having to transfer into USD but that's not practical for everything, do I just gotta bite that bullet? Thank you in advance.
Top Comment: If BTC is supposed to be like a million by 2030-2035 This technically can happen but IMHO is unlikely to occur this quickly , and no one can predict the price. why isn't everyone getting with BTC? Bitcoin might be safer now than any individual equity , but its certainly not as safe as a basket of equities like the SP 500 (SPY/SPDR ETF) thus you should not be 100% allocated in Bitcoin. The main reason we are in the early stages of adoption and adoption is slow is because people are naturally skeptical about money and most people are financially illiterate. There is a ton of misinformation about Bitcoin from haters, altcoiners, and gatekeepers as well which scares people away too. r favorite sources for price predictions and timing BTC's bear, accumulation, and bull runs? Avoid any oracle/guru/youtuber that focuses on price predictions or day trading. This is a great way to get scammed and over 97% of day traders lose money Focus on learning about bitcoin's fundamentals and technology instead. Here are 2 really good channels : https://www.youtube.com/@Bitcoin_University https://www.youtube.com/@WhatBitcoinDid And how do you go paying for things that you can't with crypto? I spend and replace bitcoin almost daily with many local merchants and online. https://old.reddit.com/r/BitcoinBeginners/comments/11ckp48/spending_sats/ This allows me to have better security , better privacy , and sometimes saves me money. I also never regret spending my BTC because I replace it so my Bitcoin savings never goes down. When spending your Bitcoin make sure you use a lightning wallet though so your fees are a penny to send the Bitcoin for an instant and private confirmation Any merchants that don't take Bitcoin directly is fine because you can often buy gift cards or store credit with BTC to get around this I'd like to pay for everything with crypto without having to transfer into USD but that's not practical for everything, Just because you use Bitcoin doesn't mean you are forced to only spend Bitcoin and you need to get rid of your cash/debit/credit cards . That is a false dichotomy. You leverage the strengths of both fiat with its wide acceptance and Bitcoin for its discounts/privacy/fungibility/security benefits. I will tend to prefer shopping in stores that accept Bitcoin , but if they don't and I really need their product or service its fine to spend fiat
So, can someone explain to me how massive corporations, investment firms, and governments buying up bitcoin by the thousands is a good thing?
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Maybe I'm too monero-brained or something, but I can't see this as a good sign?
Bitcoin was designed to be a trustless peer-to-peer currency open to anyone. Not an investment vehicle or product for multi-billion-dollar companies.
I see people on here go nuts over the most recent news of Tesla or Microstrategy or any other nasdaq 100 tech firm buying up another few million dollars worth of bitcoin, but I don't see how that's good news. These companies aren't using bitcoin for their day-to-day operations, or accepting it for payment, or doing literally anything to practically support the network. They're holding it as an investment to sell off when people pump up the price based on hype. Don't even get me started on the ETFs.
Top Comment: open to anyone