21 replies to this topic

[MikeyG]

Is the best asset. 

 

• It is the only property in the world that as price goes up, more of it does not get produced- there is a 21 million coin limit. 
• It is easily portable in large sums (unlike precious metals). 
• It cannot be "hacked". A bank or brokerage account is easier much easier to be hacked than Bitcoin. 
• It provides freedom from inflated Fiat currencies.
• It cannot be confiscated (unlike precious metals).

Bullish factors coming up:

 

• Halving in 2024. 
• ETF coming soon (SEC has until 10/13 to appeal Grayscale ruling). 
• Changes in FASB accounting rules make it easier for companies to hold Bitcoin on balance sheets. 

 

 

[Rogerdodger]

Sam Bankman-Fried took more than $10 billion from FTX customers, prosecutor says at trial

[MikeyG]

Sam Bankman-Fried took more than $10 billion from FTX customers, prosecutor says at trial

 

 

ETF or cold storage solves the custodial issue. 

[MikeyG]

In the intermediate term, if and when the ETF's gets approved (we will have a good idea by next week if the SEC does not appeal), I would not be surprised to see a double over the next 6-9 months. 

 

There will be large institutional money flowing into the space that has a relatively small market cap currently (Bitcoin has around 500B market cap as compared to gold of 11-12T).  

[MDurkin]

I am eyeing BITO. Not sure when Bitcoin bottoms if we go into recession.

[Rogerdodger]

Can not be hacked? Really?

 

Mark Cuban loses nearly $1 million in crypto scam

 

Bitcoin hack money laundering case moves toward guilty pleas - CNBC

Jul 21, 2023The New York couple charged with trying to launder $4.5 billion in bitcoin stolen in a 2016 hack of Bitfinex appear set to plead guilty in the case, a new federal court docket entry suggests.

 

 

Then there is a cloudy tax issue with crypto which has devastated many early buyers..

Edited by Rogerdodger, 04 October 2023 - 04:29 PM.

[MikeyG]

Can not be hacked? Really?
  Mark Cuban loses nearly $1 million in crypto scam
 
Bitcoin hack money laundering case moves toward guilty pleas - CNBC

Jul 21, 2023The New York couple charged with trying to launder $4.5 billion in bitcoin stolen in a 2016 hack of Bitfinex appear set to plead guilty in the case, a new federal court docket entry suggests.
 
 
Then there is a cloudy tax issue with crypto which has devastated many early buyers..

I cant open your links for some reason, but if someone gets your private keys (password) then of course things can get stolen. This is true for bank accounts as well.

The Bitcoin network itself cannot be hacked.

My answer is still valid if you are worried about losing your Bitcoin. You can keep in cold storage (offline) or you can buy the soon to come out ETF.

You could also buy stock Microstrategy which is basically a minor levered Bitcoin holding company.

Regulatuon is needed and is coming in regards to complaince issues. Europe has passed a bill already and the US will pass one soon.

Bitcoin is deemed property by the IRS.

[MikeyG]

Ok, I was able to open the links. One was phishing scam not involving Bitcoin. The other was attack on an exchange. An exchange is a place where you can hold your Bitcoin (like a bank), not a "hack" on the Bitcoin network itself. So again if you take your Bitcoin offline (cold storage), you can sleep like a baby at night.

You can buy through a soon to be ETF and you are safe.

Or a mega institution like Fidelity which has custodial services for Bitcoin then I would say you are safe there as well.

Blackrock and others are not filing for spot ETFs to lose. They are filing because there is demand from institutional customers.

Last thing, if you stick your US dollars in the bank for 15 years, you might as well burn your cash. Bitcoin fixes that.

[MikeyG]

I am eyeing BITO. Not sure when Bitcoin bottoms if we go into recession.

Looking at the charts, I think the bottom is in. BITO is good, it is the futures of a Bitcoin ETF, it tracks Bitcoin fairly well.

[Rogerdodger]

Regulatuon is needed

nuff said.