4 ms·

Perfect time to buy

by greenblat 9mo ago

Perfect time to buy

cung 9mo ago
Not sure if that is the case. An insane amount of bitcoin has been dumped into the market by whales.
- direwolf20 9mo ago
  that's the perfect time to buy
  - CamperBob2 9mo ago
    Because the whales are dumbasses?
    - kkfx 9mo ago
      Let's say if I had old-school BTC, mined personally or bought back in the day for very little fiat currency and today it's an enormously larger sum, I'd say it's time to not keep all my eggs in one basket and rebalance my portfolio. For example, I'd say it's actually been time for a while now, ever since the crypto-tax wave start to hit, to convert into fiat currency and buy land, houses, assets that, IF the state doesn't collapse and they're chosen in reasonable areas, could still preserve significant value, allow you to flee to another country (houses purchased abroad) if necessary etc. If someone had put 0.001% of their capital or even 0.01% into old-school BTC and today finds themselves with 50% of their capital in BTC, it's high time to give some thought to diversification. Smart contracts will become the contracts of the future and NFTs will be digital identity is pretty obvious; we don't know WHO will be used by whom for these tasks, but it's clear that this is what they'll be because they're the most functional choice we have in the trend toward rules as code. The problem is that the market can stay irrational longer than we can stay solvent, so it's a gamble, but also a logical diversification in its own right as well. The only highly uncertain element is the miners' ability to withstand long periods of loss.
- amjnsx 9mo ago
  You’re right. Let’s wait for it to pump 20% before we buy. Lol what?
fallingfrog 9mo ago
As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.
- rvnx 9mo ago
  What if all these AI companies, are going to mint coins with their idle GPUs, wouldn't that lower value of these coins massively ? It's not as good as an ASIC, but we talk about millions of GPUs
  - BJones12 9mo ago
    Bitcoin mining on GPUs is generally unprofitable due to the price of electricity.
  - direwolf20 9mo ago
    The rate of coin mining is the same, no matter how many miners there are
- Esophagus4 9mo ago
  The trouble with vibe-based pricing is it’s really hard to time the vibes. And hard to time the vibe dip.
  - fallingfrog 8mo ago
    Yes this is absolutely true. Difficult to impossible, I would say.. my prediction of "2 to 3 years" could very well be totally wrong. The dominant narrative around bitcoin right now is "hodl because in the long term it always goes up." Thats the core premise that the bitcoin price is based on. If that premise were to crack, bitcoin could drop to near zero for all we know.
    - Esophagus4 8mo ago

Perfect time to buy

cung 9mo ago

Not sure if that is the case. An insane amount of bitcoin has been dumped into the market by whales.

direwolf20 9mo ago
that's the perfect time to buy
- CamperBob2 9mo ago
  Because the whales are dumbasses?
  - kkfx 9mo ago
    Let's say if I had old-school BTC, mined personally or bought back in the day for very little fiat currency and today it's an enormously larger sum, I'd say it's time to not keep all my eggs in one basket and rebalance my portfolio. For example, I'd say it's actually been time for a while now, ever since the crypto-tax wave start to hit, to convert into fiat currency and buy land, houses, assets that, IF the state doesn't collapse and they're chosen in reasonable areas, could still preserve significant value, allow you to flee to another country (houses purchased abroad) if necessary etc. If someone had put 0.001% of their capital or even 0.01% into old-school BTC and today finds themselves with 50% of their capital in BTC, it's high time to give some thought to diversification. Smart contracts will become the contracts of the future and NFTs will be digital identity is pretty obvious; we don't know WHO will be used by whom for these tasks, but it's clear that this is what they'll be because they're the most functional choice we have in the trend toward rules as code. The problem is that the market can stay irrational longer than we can stay solvent, so it's a gamble, but also a logical diversification in its own right as well. The only highly uncertain element is the miners' ability to withstand long periods of loss.
amjnsx 9mo ago
You’re right. Let’s wait for it to pump 20% before we buy. Lol what?

fallingfrog 9mo ago

As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.

rvnx 9mo ago
What if all these AI companies, are going to mint coins with their idle GPUs, wouldn't that lower value of these coins massively ? It's not as good as an ASIC, but we talk about millions of GPUs
- BJones12 9mo ago
  Bitcoin mining on GPUs is generally unprofitable due to the price of electricity.
- direwolf20 9mo ago
  The rate of coin mining is the same, no matter how many miners there are
Esophagus4 9mo ago
The trouble with vibe-based pricing is it’s really hard to time the vibes. And hard to time the vibe dip.
- fallingfrog 8mo ago
  Yes this is absolutely true. Difficult to impossible, I would say.. my prediction of "2 to 3 years" could very well be totally wrong. The dominant narrative around bitcoin right now is "hodl because in the long term it always goes up." Thats the core premise that the bitcoin price is based on. If that premise were to crack, bitcoin could drop to near zero for all we know.
  - Esophagus4 8mo ago