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What was that noise?

 

https://twitter.com/ericbolling/status/1359843251650523137

 

Mastercard Will Let Merchants Accept Payments in Crypto This Year

Mastercard (MA) is planning to give merchants the option to receive payments in cryptocurrency later this year.

 

According to a source familiar with the matter, the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants, a first for the financial giant. The company has not yet disclosed which digital currencies it intends to support, or where.

 

The details shed new light on CEO Michael Miebach’s Q4 pledge to integrate digital currency payments “directly on our network” in a move the new chief, helming his first earnings call on Jan. 28, said will provide maximal flexibility to customers and merchants alike.

 

Previously, Mastercard supported limited cryptocurrency transactions through its cryptocard partners Wirex and Uphold. But those programs only cover payment, not settlement; the coins are converted to fiat currency well before reaching the merchant.

 

The new initiative promises to upend that dynamic among the store owners and businesses who opt in. They will be able to conduct their business beyond the bounds of the fiat ecosystem, assuming, of course, their customers have crypto they’re willing to spend. ...

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my Etherum is finally making money BTW! Bought that a few year back..thought the blockchain piece was awesome. Bought it at a little over $1K 3 years ago...now at $1700! I believed so much in it, never added any more when it was below 300 for like 2 years LOL.

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26 minutes ago, plenzmd1 said:

my Etherum is finally making money BTW! Bought that a few year back..thought the blockchain piece was awesome. Bought it at a little over $1K 3 years ago...now at $1700! I believed so much in it, never added any more when it was below 300 for like 2 years LOL.

There is a strong argument that Ethereum is more valuable than BitCoin. Due to the nature of ETH's blockchain and the ability to create smart contracts and there by it's utility, it is a valid argument. One aspect it will never be able to surpass however is the fact that BTC is the original and granddaddy of them all.

 

I have no idea how much ETH I have, it is literally spread out across hundreds of wallets.

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have a philosophical question for you @Foxx, and not sure i totally can poise the question correctly, but here goes.

 

As  crypto becomes more mainstream and more people take as payment, specifically bitcoin..who is going to want to part ways with it? Why would i want to pay  for the Tesla in bitcoin instead of dollars? Couple of key questions i have?

 

If bitcoin is seen as an investment, am i not giving up way more than the dollar equivalent?

 

If i pay in bitcoin...will that  not trigger taxes owed? 

 

 

 

 

 

  

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1 hour ago, plenzmd1 said:

have a philosophical question for you @Foxx, and not sure i totally can poise the question correctly, but here goes.

 

As  crypto becomes more mainstream and more people take as payment, specifically bitcoin..who is going to want to part ways with it? Why would i want to pay  for the Tesla in bitcoin instead of dollars? Couple of key questions i have?

 

If bitcoin is seen as an investment, am i not giving up way more than the dollar equivalent?

 

If i pay in bitcoin...will that  not trigger taxes owed? 

  

Good questions Plenz.

 

I would guess being philosophical in nature, there would be many different answers on the fundamentality. I don't know if my opinion on that would qualify or not but I shall give it nonetheless. Being as most of my beliefs are outside of the mainstream, my observations should come as no surprise here.

 

Your question of who, what and or why is existential in it's raw form and one that is quite often bandied about within the crypto community itself. To my way of thinking, to understand what is coming, we merely need to look to the past to try and understand how things will playout with regard here. I'm not a true historian so I will probably get beat up a bit here but it won't change the underlying premise.

 

Historically, throughout history man has sought ways to store not only value, but wealth. In early times, these were one in the same. Today this is seen in terms of fiat (value) and various forms of other wealth vehicles. Of which, time tested stores of wealth and are considered to be the most stable would be your precious metals, gems and other assorted rare Earth elements such as, land.

 

The one major difference in these and perhaps the inherent base for the differences is that one is manmade and the other is not. The manmade elements are infinite and the Earthen bound sources are finite. One is inflationary, the other, deflationary.

 

Back within the Roman empire and perhaps even farther back than that, gold, silver and copper were used as forms of currency. Due not only to their durability and rareness but also to Rome's influence and dominance, Roman coinage became widespread throughout Eurasia and Upper Africa. The concept ultimately spread throughout the world and a currency backed by precious metals survived here in the US until 1933 when FDR took us off the standard. He wanted to pump massive amount of money into the system and it was at that point, inflationary fiat was born. 

 

With cryptos, we see the same sort of correlation here. Basically it is the true birth of digital currencies. While fiat has been digital for a long time now, it is not the same thing. Digital fiat is still, in it's essence, fiat. BTC is the equivalent of gold. Mainly because it is secure, is also the first and it is finite (I would say that LiteCoin would be the silver equivalent because it too is one of the originals and is also finite). As with early gold and silver, it is/will be used as a currency for a period of time until the base (read; supply in Satoshis) is outstripped by the ability to serve as a utility. And probably even before then if I had to make a guess. It is when that happens that it will truly become a wealth storage vehicle.

 

Today we see nation states that have their stores of gold. Could the same happen with BTC, probably and goes to my belief that it will ultimately reside as that settlement vehicle I have mentioned so often previously.

 

As the birthing pangs of the crypto world work their ways into mainstream, you are going to see that several different coins are going to be accepted and the one that will ultimately be settled upon for each and every nation state, will more than likely be different for each. The one underlying premise of the ultimate fiat crypto will be that it is infinite, such as something like XRP, which has carried the moniker of being the bankers coin. Personally I don't believe in XRP, I think it is a play by certain entities to manipulate and make money but I have been wrong many times before.

 

As with anything, the government will tax any exchange of value. Bartering is legally taxable.

 

I hope I didn't get too far off in the weeds here.

:beer:

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Seems like everyday there is more positive news coming out.

 

Miami Agrees to Pay Its Employees in Bitcoin

Miami has officially become America's biggest Bitcoin hub

 

Miami's City Commission has successfully passed a resolution proposed by Mayor Francis Suarez that allows municipal employees to get paid in Bitcoin.

The workers of the Magic City will be able to receive either a portion of their salaries or their whole paycheck in the world’s largest cryptocurrency. ...

 

...New York could be next ...

 

 

https://twitter.com/FrancisSuarez/status/1360069847971954690

 

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Huge news here.

 

BNY Mellon’s Support for Bitcoin is a "Tipping Point" for Crypto, Say Industry Leaders

... BNY Mellon, a 236-year-old American investment bank that controls around $2 trillion, announced on February 11 that it will soon store Bitcoin and other digital currencies, offering the same asset-management services it offers for traditional currencies and stocks. 

 

https://twitter.com/BNYMellon/status/1359875268471648257

 

Crypto companies, or those already involved in crypto, are thrilled about the prospect of bringing old money into Bitcoin.

 

“When the world’s largest custodian announces that it will provide custody services for digital assets,” Guy Hirsch, US Managing Director at eToro, told Decrypt, “that feels like a tipping point in the market.”

 

An inflection point in the making?

 

“Once their crypto offering is available later this year...it could soon prove [to be an] inflection point as it will fundamentally change how asset managers view Bitcoin and other digital assets,” Alex Mascioli, head of institutional services at digital asset prime broker Bequant, told Decrypt about BNY Mellon’s recent move.

 

“Just think about what would happen to crypto assets if even a small portion of BNY Mellon’s institutional customers decide to allocate to Bitcoin,” Hirsch said.

 

“Even only one half of one percent of the $41 trillion BNY Mellon oversees is committed to crypto,” Mascioli said, “we may see prices approach the targets that have been mentioned by JP Morgan, Guggenheim and others.” Guggenheim CIO Scott Minerd said that Bitcoin's price could reach $600,000 and JPMorgan predicted that it could reach $146,000 by the end of the year. ...

 

 

 

I'm a go out on a limb here and say that the high will be more than JPM's prediction of 146K (which will come way before the end of the year) and less than Guggenheims 600K. However these are just the musings of a dumb keyboard jockey here and are not to be considered financial advice in any way. Do your own due diligence.

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MicroStrategy Is Selling $600 Million In Bonds To "Acquire Additional Bitcoins"

... As a reminder, MicroStrategy first disclosed it was purchasing bitcoin as a part of its treasury reserve policy in August 2020 when at the time the company purchased 21,454 bitcoin at a price of $250 million. ...

 

...  CEO Michael Saylor has been vocally touting bitcoin as a more superior reserve asset and store of value than the US dollar and gold.

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value,” Saylor said after the intial disclosure, adding:

 

  • “Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it. We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”

 

As Coin Desk notes, in the company’s earnings call last week, Saylor had mentioned that MicroStrategy is set to “continue to actively manage” its balance sheet and “progressively acquire more bitcoin” at prices “that probably keep going up.” ...

 

 

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5 minutes ago, Foxx said:

MicroStrategy Is Selling $600 Million In Bonds To "Acquire Additional Bitcoins"

... As a reminder, MicroStrategy first disclosed it was purchasing bitcoin as a part of its treasury reserve policy in August 2020 when at the time the company purchased 21,454 bitcoin at a price of $250 million. ...

 

...  CEO Michael Saylor has been vocally touting bitcoin as a more superior reserve asset and store of value than the US dollar and gold.

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value,” Saylor said after the intial disclosure, adding:

 

  • “Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it. We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”

 

As Coin Desk notes, in the company’s earnings call last week, Saylor had mentioned that MicroStrategy is set to “continue to actively manage” its balance sheet and “progressively acquire more bitcoin” at prices “that probably keep going up.” ...

 

 

this is an awesome chart to view...not quite sure how to insert pictures...just hit max if it does not automatically render...obe of the dot com era highest of highest flyers...stagnant from a stock standpoint for twenty years...now soaring again on bitcoin news.

 

https://www.google.com/search?q=microstrategy+stock&rlz=1CATTSD_enUS760US760&oq=microstartegy&aqs=chrome.2.69i57j0i10i131i433l2j0i10i433j0i10j0i10i131i433l3.5394j1j7&sourceid=chrome&ie=UTF-8

 

Question @Foxx, why not just buy bitcoin? Why worry about MSTR core business of BI...

 

As Saylor loved to say back then..information like water!

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23 minutes ago, plenzmd1 said:

this is an awesome chart to view...not quite sure how to insert pictures...just hit max if it does not automatically render...obe of the dot com era highest of highest flyers...stagnant from a stock standpoint for twenty years...now soaring again on bitcoin news.

 

https://www.google.com/search?q=microstrategy+stock&rlz=1CATTSD_enUS760US760&oq=microstartegy&aqs=chrome.2.69i57j0i10i131i433l2j0i10i433j0i10j0i10i131i433l3.5394j1j7&sourceid=chrome&ie=UTF-8

 

Question @Foxx, why not just buy bitcoin? Why worry about MSTR core business of BI...

 

As Saylor loved to say back then..information like water!

That is the only thing I recommend, to buy actual Bitcoin. Buy it and move it off the custodial wallet into one that you possess the keys to. If you don't, you don't actually own the coin, the custodian does. No way in hell would I participate in ETF's except with money I can essentially afford to lose. 

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34 minutes ago, plenzmd1 said:

...not quite sure how to insert pictures...

Right click on an image. Select "Copy image address" or some such depending upon browser, paste in the forum editor.

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21 minutes ago, Foxx said:

That is the only thing I recommend, to buy actual Bitcoin. Buy it and move it off the custodial wallet into one that you possess the keys to. If you don't, you don't actually own the coin, the custodian does. No way in hell would I participate in ETF's except with money I can essentially afford to lose. 

To expand upon this a bit...

 

With the above said, due to Bitcoins inherent nature (limited supply), the ability to actually buy BTC is going to become severely limited in the days ahead. With the unprecedented demand we are seeing, it is inevitable. The consequences of being unable to purchase physical BTC is going to lead to a price explosion. And... derivatives are going to be in demand because of it. It will be the only way to get in on the action as it were.  So if one is into the derivates market(s), BTC derivatives are going to be a major play in my estimation.

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Speaking of which, 5 hours ago...

 

State of Crypto: Will 2021 Finally Be the Year of the Bitcoin ETF?

... When ETF?

 

The narrative

 

The big news last week was the Ontario Securities Commission approved North America’s first bitcoin ETF in Canada. An ETF, which is essentially a retail-friendly, regulated bitcoin investment vehicle that can trade in popular brokerage apps, has long been a product the industry has wanted. Numerous applications have been rejected in the U.S., but the approval of one in Canada could be an early sign that we’ll soon see something similar in the States.

 

Why it matters 

 

  • Basically, the idea is a bitcoin ETF would provide everyday investors with:
  • Bitcoin exposure through existing retail trading apps, such as TD Ameritrade, BUT:

 

These traders would not actually need to buy bitcoin.

 

In short, an ETFwould let people invest in bitcoin without having to set up a wallet or trust in an exchange that might go down when market volatility rises. 

There are also those who believe an ETF would help spark or continue a bull run, but considering Elon Musk can pretty much just do that on his own now I’m not so sure an ETF seems as necessary as it did in 2018. ...

 

 

https://twitter.com/nikhileshde/status/1358766140009418759

 

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Quote

Famed economist Nouriel Roubini argues that retail investors with “fear of missing out” are going to get crushed by investing in Bitcoin during its latest run higher.

“We have, like in 2017, hundreds of thousands of retail suckers that are having FOMO (fear of missing out) going into this asset class. And they are going to buy it at peak like it happened in December of 2017 when it was $20,000 and fell to $3,000 by the end of the next year. So, it’s the same phenomenon — just people are moving in because of FOMO, feeding the bubble, manipulation, eventually, they’ll get crushed,” Roubini told Yahoo Finance Live on Monday.

https://finance.yahoo.com/news/nouriel-roubini-on-bitcoin-price-surge-215856375.html

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I look forward to getting back in under $5k again in a few years/months.  Does anyone think this rise and fall is any different than the run up to December 2017, or December 2013? 

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