Bitcoin Approaching All Time High Price (Denominated in AUD), does it affect you?

techlead on 25/02/2024 - 10:56

As Bitcoin defies all the nay sayers yet again is on the cusp of creating a new all time high (in AUD), actual price $78700 AUD versus all time high of around $82800, for holders, are you thinking of selling or buying more? For non-holders, do you plan to buy more?

Very interesting to be doing comparisons with other investments, like property and shares. I cannot have accumulated my current net worth without bitcoin and other cryptocurrencies. I just did a stocktake recently and found out I now have more than 600BTC and I have yet to complete the stocktake as I still have addresses which have less than 0.2BTC which I have written off before because it was chump change, but now worth quite a bit (circa over $15k for the 0.2 BTC addresses).

I still cannot understand why property investment gets all the hype when it has been proven time and time again that Bitcoin returns are way way better. It just really boggles my mind, am I missing something here? I'm very excited for the Halvening and the upcoming bull market.

For the nay sayers, what does it take for you to change your mind about crypto? Government regulation has arrived, its virtually impossible for Western governments to ban Bitcoin.

Poll Options

  • 24
    I'm a holder of crypto and will sell asap
  • 272
    I'm a holder of crypto and will continue holding
  • 22
    I'm a holder of crypto and will continue to buy more
  • 10
    I'm not a holder of crypto and looking to start buying
  • 513
    I'm not a holder of crypto and don't plan to buy any
Financial Cryptocurrency

Comments

  • Tee Rex Arms on 25/02/2024 - 11:39
    +3

    Yeah pass thanks

  • zonra on 25/02/2024 - 12:11
    +12

    If it’s all rosy like OP makes it out to be, I wonder why they try so hard and make a post every once in a while to get everyone else onboard.
    Personally if I ever struck gold, the last thing I want to do is make a PA about where to find it.

    • askbargain on 25/02/2024 - 12:21

      kinda defeats the purpose of a currency if nobody knows about it?

      • RTX9090Ti on 27/02/2024 - 10:51
        +4

        the idea was to arouse FOMO to drive prices up, once they hit their target they gonna dump it all leaving the stupido without a chair once the music ends.

    • KiKH on 27/02/2024 - 13:51
      +5

      Because it's basically a ponzi scheme. Bitcoin by itself doesn't produce anything, so the only way it can go up in value is to convince more people to buy in.

  • EightImmortals on 25/02/2024 - 12:15

    I bought a bit more BTC a couple of months back, otherwise just holding to what I have. Will cash out if it becomes worthwhile (and CBDC's are still in the globalist wet dream category).

  • Cluster on 25/02/2024 - 12:25
    +9

    Bitcoin went from US$67k to US$16k in 2022. Just bear that in mind when comparing bitcoin to something like property. Did property in Australia crash 75%? No. You also can't live in your bitcoin, but you do need a place to live.

    Bitcoin and all other crypto are highly volatile. 75% crashes are not uncommon, as are rugpulls and other scams. An exchange declares itself to be 'hacked' and oops, all your crypto is gone. Soz.

    Only invest money you're willing to lose.

    • EightImmortals on 25/02/2024 - 12:27
      +1

      " An exchange declares itself to be 'hacked' and oops, all your crypto is gone. Soz."

      Not if it's in your wallet.

      • Cluster on 25/02/2024 - 12:30
        +1

        How many people do self custody, and can avoid all the common pitfalls of scams, hacks, and just plain stupid decisions? And the best thing is if someone falls victim to a scam, or their computer is hacked, or they send crypto to a wrong address and they seek help online, cryptobros line up to tell the victim it's their fault they got the funds stolen. It's a wonderful community.

        • BoltThrower on 25/02/2024 - 13:37
          +1

          You're right about all these pitfalls. However, it is their fault if they don't send a small amount first. When I got my hardware wallet I started using it gradually with small amounts.
          Mistakes happen, and a little healthy paranoia can protect you.
          Also protect your seed phrase. If you store the words somewhere, change it in some way so that others finding it still won't be able to use it. Add a (or multiple) 25th words.
          The kind of things Chris Larsen didn't do.

          As to your earlier point about crashes, that's how I multiplied my bags. Parabolic gains are unsustainable, and are prime areas to take profits.

    • Malik Nasser on 25/02/2024 - 16:49
      +1

      As a comparison, Nvidia stock has been just as volatile.
      In February 2002, the stock price was $6.06, but by October 2002 it had fallen to just $0.60.
      In October 2007, the stock price was $9.92, but by November 2008 it had fallen to just $1.44.
      In October 2018, the stock price was $73.19, but by December 2018 it had fallen to just $31.12.
      In November 2021, the stock price was $346.47, but by October 2022 it had fallen to just $108.13.
      Currently its stock price is $788.17. It appears the best investments are all very volatile.
      If you were to look to history, you would be aware of this. The information is all around you and free to access. Just look, and you will see.

      As for scams, I am sure crypto is the only asset that suffers from that problem. I have never heard of a scam outside of crypto…

      • Deridas on 25/02/2024 - 19:24
        +2

        Nobody is buying NVIDIA by itself (unless you're a seasoned stocks trader). Most ordinary clueless people (of which I'm one) just buy an ETF of the ASX200, therefore most ordinary clueless people escape the volatility of individual shares, and this most ordinary clueless people wouldn't do Crypto.

        • Malik Nasser on 25/02/2024 - 19:56
          -1

          I agree that pretty much everyone should just buy ETF's.
          Don't limit yourself to only buying Australian ETF's (Australia's stock exchange only accounts for like 2% of companies).
          American and Indian stock indexes have greatly outperformed Australian stocks over the last 15-20 years.
          In India, check out the Nifty 50. Australian listed ETF: Global X India Nifty 50 ETF (NDIA)
          In America, check out the S&P 500. Australian listed ETF: Ishares S&P 500 ETF (IVV)
          There are plenty of other Australian listed ETF's that cover global stocks and have also performed well over the last 5-20 years:
          - Betashares Nasdaq 100 ETF (NDQ)
          - Ishares Global Healthcare ETF (IXJ)
          - Vaneck Morningstar Wide Moat ETF (MOAT)

          Regarding crypto, it is not an all or nothing approach. You need to limit your position size. Put in 1% to 5% of your total capital (based on your comfort / risk tolerance). If it goes to 0, the most you can loose is your initial investment. If however it continues to go higher, it can add a decent amount of alpha to your portfolio. It is all about position size. Choose a position size that will allow you to sleep at night. Also know that it will continue to be volatile, so don't decide to sell out if it has a 70% correction. Once you buy in, just never sell (or only partially sell to rebalance your portfolio, if crypto continues to run hard and becomes a much larger size in your portfolio).
          There are new ETF's listed that cover crypto / Bitcoin, so you don't even have to join the crypto community. You can still get exposure in a regulated environment.

        • Antikythera on 28/02/2024 - 18:10
          +1

          not NVDA but i'm all in on AMD.

          up 100%. just wish i'd started 5 years ago instead of 2.

          unless you're a seasoned stocks trader

          complete novice but bullish on Ryzen when it started kicking Intel's ass. AI is just the cherry on top.

      • RTX9090Ti on 27/02/2024 - 10:52

        And guess what 'most' people buy high sell low, that's why the rich are small percentage at the top of the pyramid. got it?

      • Autonomic on 27/02/2024 - 16:32
        -1

        NVDA is a real company with real assets and real technology with hundreds of tangible use cases. Things that support it's valuation. Bitcoin has none of that.

    • orangecarpet-22 on 26/02/2024 - 10:41

      You're just repeating mantras that you've heard over time that sound sophisticated and intelligent (can't live in your asset, only invest what you're willing to lose, etc), but they're missing the point.

      Property doesn't need to crash 75%. Because you're using leverage, and say you have 20% equity, you can get wiped out 75% of your equity with a 15% decline in property prices. If you count stamp duty you only need a 10% decline to see a 75% fall (on a 20% deposit). You can even go negative equity, which is over a 100% decline. This does happen, has happened and continue to happen currently in certain areas.

      Secondly, it's position sizing, not "invest what you're willing to lose." You're losing purchasing power by not doing anything, which is the problem. 100% cash is a risky position over time. A 2% allocation to BTC and 98% cash over any four year period would have reduced your volatility, increase the Sharpe ratio, and beat the SP500 index. A 2% allocation to BTC and 98% SP500 would have at least doubled your SP500 returns, while reducing volatility.

  • bathuu on 25/02/2024 - 12:26
    +1

    I am a naysayer, and i think it is gonna crash soon.

    • AustriaBargain on 25/02/2024 - 13:37
      +7

      Of course it will. The utility value is zero. Gold will always have industrial value plus it's nice to look at and wear. Houses you can live in and will always be worth a few hundred a week even if we somehow magicked up three million extra houses overnight and killed demand. Even beanie babies were worth 50 cents as dog toys after the crash.

      • jaimex2 on 25/02/2024 - 17:18
        +3

        At what point have enough years passed where you say "I'm wrong"?

        People saying Aussie house market will crash for over 24 years now.
        People saying Bitcoin will crash for over 15 years now.

        The utility value is that its a decentralised protected asset that can't be manipulated by governments or politics unlike the Aussie dollar or most currencies really.

        • umoddbro on 25/02/2024 - 18:15
          +1

          I have a property, I can see it, I can touch it.. What can I do with BTC?

          • jaimex2 on 25/02/2024 - 18:20

            @umoddbro: https://spendabit.co/ up to you.

            Go nuts in El Salvador lol

            What were your thoughts when everyone was saying we were in a housing bubble 10 years ago?

            • umoddbro on 25/02/2024 - 18:26
              +1

              @jaimex2: Yeh but can't go into woolies and buy milk and bread. BTC is a gimmick, it's price is dictated by whatever the next person is willing to pay, someone will eventually be left holding the bag.

              • jaimex2 on 25/02/2024 - 18:34
                +4

                @umoddbro: I've been hearing that for over a decade.

                Don't trust shitcoins or store your coins in exchanges and you'll be fine.

                You can convert back to AUD or whatever currency you want. It's not Bitcoin forever.

                It's funny to mention being left holding the bag. Isn't that what happened with real currency in 2008?

                Or in 2020 when the government just printed $350 billion?

                • umoddbro on 26/02/2024 - 21:10
                  +1

                  @jaimex2: So whats the point in BTC if you're going to convert it back to FIAT currency….So its just a pyramid scheme, because no one will be holding BTC forever, they will eventually cash out once the price is right. Again alluding to the point its value is dictated only by what others are willing to pay for it.

          • cydia9k on 26/02/2024 - 21:00
            -1

            @umoddbro: Your property can be taken from you, due to rules.

            Who's going to take your BTC, provided you've put some bare minimum measures in place?

            • RTX9090Ti on 27/02/2024 - 10:53

              @cydia9k: Hackers will.

              • cydia9k on 27/02/2024 - 14:15

                @RTX9090Ti: Only if you use a wallet managed by a service, which isn't the same as owning a wallet.

                No hacker can touch your wallet if stored correctly

            • GrueHunter on 27/02/2024 - 19:23

              @cydia9k: A guy who hits you with a $5 wrench until you hand over your keys?

          • SpicyStew on 27/02/2024 - 15:48

            @umoddbro: many people have property and developers keep printing more houses

          • redfox1200 on 27/02/2024 - 17:36

            @umoddbro: buy 3 more of those properties

        • surg3on on 27/02/2024 - 15:18
          +1

          Bitcoin did crash…

          • cydia9k on 27/02/2024 - 16:39

            @surg3on: All stores of value are fluid and variable in their assessed and realized worth. Bitcoin is at least equivalent to every other asset in the primary function, and just as vulnerable as any other to certain forces.

            • surg3on on 27/02/2024 - 17:04

              @cydia9k: The entire economy would cease to be if USD/AUD fluctuated compared to other assets like bitcoin

      • diss on 28/02/2024 - 10:16

        That’s a really flimsy justification for gold having value. There’s not much difference between the two other than physical vs digital. Gold is simply a much older currency, crypto is much more volatile in its youth. Yes it has industrial value but that’s not what drives its high value, it’s the perceived value of the market. Yes it’s shiny but so are a lot of (much cheaper) things.

    • SpicyStew on 27/02/2024 - 15:46
      +1

      it crashes all the time, what is your point?

  • TEER3X on 25/02/2024 - 13:23
    -1

    If I was a crazy conspiracy guy I would think ai, robots and Bitcoin are all coming together to destroy the human race…. but unfortunately, even though Facebook continually tries to persuade me otherwise, I do believe we landed on the moon and that we also built the pyramids.

    • digitalbath on 29/02/2024 - 15:14

      The human race is definitely in the firing line of being destroyed. But it won’t be AI. It will be us.

  • DashCam AKA Rolts on 25/02/2024 - 14:27

    Word association:
    Bitcoin - tulips
    Crypto exchange - ponzi

    Anyone else care to add?

    • misu p on 26/02/2024 - 19:01
      +2

      NFT - pump and dump

  • DingoBilly on 25/02/2024 - 14:32
    -4

    Peak bitcoin price was ~$105,000 aud so this post is flat out wrong/misleading.

    Just be aware if you're thinking "wow, it's going so well I should invest" that the crypto expert is just blatantly wrong with their info. Nothing new but usually they at least do some basic fact checking before shilling.

    • Malik Nasser on 25/02/2024 - 16:21

      When was bitcoin at $105k? What source are you using.
      I just checked out CoinMarketCap, and it looks like max price was in November 2021 at AUD$93,168. Not sure how accurate that is, but still a little off your $105k…

      • DingoBilly on 25/02/2024 - 18:30
        -7

        My sources are these which is the USD price, although admittedly I am using current usd to aud conversion which may be the reason it's higher:
        https://www.investopedia.com/articles/forex/121815/bitcoins-…
        https://www.coinbase.com/en-gb/price/bitcoin

        It's ironic that there's no actual consensus on what the peak price is. That shows just how solid it is.

        But it doesn't actually change my point at all. OP is $10,000 off at minimum even with your source, so it's still a complete fabrication/misleading what they're saying. Not sure why down voted when they're literally just shilling and lying about it to suck people in.

  • Tiredman on 25/02/2024 - 14:53

    Been buying since 2017. Will continue to.

  • Malik Nasser on 25/02/2024 - 16:05
    +1

    Why would you sell?
    As per Michael Saylor "Bitcoin Is the Exit Strategy".
    If you need cash, get a loan. Selling incurs CGT. Its cheaper to get a loan than pay tax on your gains.
    And cash will continue to depreciate in value, as there is no way the money supply will shrink in size

    • RefusdClassification on 25/02/2024 - 18:35
      -2

      Governments can keep printing money. Fiat currencies have no inherent value. A pen pusher at a Reserve/central bank can just type a number into a computer, press enter, and magically create money. In comparison, bitcoin is capped at 21 million. No more can ever be created than that.

      • Malik Nasser on 25/02/2024 - 19:33
        +6

        The majority of the money in the system is created through debt, not by the central bank (and not by the 'government').

        In Australia if the government wants money (for fiscal policy) it issues bonds, which are purchased by investors with money that already exists (assuming they do not take out loans to purchase them). The current value of bonds on issue by the Australian government is listed on the AOFM website and is $919.1B.

        Australia's central bank, the RBA has 'printed money' mostly through the covid era, with current Exchange Settlement Balances at $352.3B. This has been falling over the last year or so (peaked on 15th February 2023 at $473.1B), so 'printed money' by the RBA has been reducing.

        Current M3 money supply in Australia is $2,966B. It is clear the 'money printer' by the RBA only makes up a small percentage of total money supply. The main contributors of the growing money supply is the booming population, and hence booming housing prices (which people get a mortgage for, which creates new money). So the real 'money printers' in Australia are the commercial banks (Commonwealth bank, ANZ, NAB, Westpac, etc…).

        • plmko on 25/02/2024 - 21:32

          Yeah but the Commericial banks get their feed from the RBA to lend out so…..

  • jaimex2 on 25/02/2024 - 17:14
    +1

    Am I the only person that uses it as currency to buy things? lol

    • BoltThrower on 25/02/2024 - 17:18
      +1

      I occasionally use Cryptospend, but only after parabolic gains.

  • bobbified on 25/02/2024 - 17:33
    +1

    Investing isn't just about what to invest in. It's also about knowing when to get out! If you really have over $40 million worth of bitcoin, you're pretty set for life.

    • hasher22 on 25/02/2024 - 19:29
      +1

      That's the thing, no one really knows when to get out nor when to get in. So many 'experts' out there giving advice. While there are hardcore researchers and followers of bitcoin that know there could be a crash or gain, the average person will just park and hope.

      • bobbified on 25/02/2024 - 19:39
        +7

        Sometimes I just think that all the bitcoin spruikers, like OP, are here to try to convince as many people to get into it to push demand up to increase the price of their own holdings!

        • techlead on 25/02/2024 - 21:30
          -1

          That makes zero sense, even if every single member of Ozb invested $100, is that even $1 billion worth of volume? The last 24 hours, the trading volume for Bitcoin alone was $16 billion USD.

          Your theory doesn't hold, I'm sorry, the Ozb community is not going to move the Bitcoin market.

          • bobbified on 25/02/2024 - 21:37
            +2

            @techlead:

            the Ozb community is not going to move the Bitcoin market

            When one person is convinced that something is good, they will go and tell their friends. And then their friends will go tell their friends. And so on. Everyone knows word of mouth is the best advertisment!

          • SBOB on 26/02/2024 - 00:33
            +1

            @techlead:

            the trading volume for Bitcoin alone was $16 billion USD.

            How much would it be without bot and exchange controlled wash trading?

            Trading volume gives absolutely no indication of market depth, actual trading value, or how much volume would cause a significant price change.

            Dump $10 million of a highly traded stock on the market and you might move it a blip, go dump a sell order for $10 million on an exchange and see what kind of red candle results.

          • Drpepper666 on 26/02/2024 - 10:28
            +1

            @techlead: 16 billion tether not USD

  • michaelTito on 25/02/2024 - 18:08
    +1

    not enough rocket emojis

  • umoddbro on 25/02/2024 - 18:12
    +2

    Was it the price of btc being held by? Supply and demand? There comes a point when someone will need to cash out and some will be left holding the bag.

    • jaimex2 on 25/02/2024 - 18:32
      -3

      Some people are sick of government printing.

      Some people don't trust their bank

      Some people don't want their money confiscated or frozen.

      Some people want a truly free market

      Some people like to gamble and speculate.

      • letmesee on 26/02/2024 - 23:27

        You forgot one . Some people are mostly criminals.

        • jaimex2 on 27/02/2024 - 00:02

          True, there's probably a fair bit of cartel stashing.

          Kind of how buying shares in banks and supermarkets is propped up by legal theft.

    • DingoBilly on 25/02/2024 - 18:35
      +4

      It's literally just gambling with people hoping the price will go up. Think of a pyramid scheme essentially - posts like these are made to try and get new people in thinking they'll be rich, and so it drives up demand.

      But yes, since there's no actual utility at some point people will cotton on and it will tumble.

      • jaimex2 on 26/02/2024 - 23:59
        -1

        God you're all thick.

        It's been over a decade of the same parroting.

        Do whatever you like. I agree you're stupid if you buy it thinking you'll get rich from it.

  • netjock on 25/02/2024 - 18:50
    +1

    funny it is the ones who are talking up their own portfolio time and again.

    After Rekt trading rekted themselves with Celcius OP is the last one standing.

    • Deridas on 25/02/2024 - 19:31

      What happened to rekttrading anyway? Haven't seen him/her for a while.

      • techlead on 25/02/2024 - 21:18

        Yea, I'm interested to know, what happened to him/her?

      • CrowReally on 26/02/2024 - 12:42

        I think they took a Find Out cruise to Hubris

    • techlead on 25/02/2024 - 21:18
      -4

      And I will remain standing as I self-custody my crypto. My crypto is held in multiple hardware wallets, no more than $5 mil per hardware wallet.

    • idjces on 26/02/2024 - 17:09
      +1

      I still follow it with interest. Ozbargain seems to be quite the loud echo chamber of ill informed opinions going by these posts. There's some seriously smart people working within the space, and a lot of people using crypto who hold higher positions in the likes of tradfi companies.

      A polarizing topic for the masses shrugs

      • netjock on 26/02/2024 - 18:45
        +1

        There's some seriously smart people working within the space

        You know nobel prize winners and Ph.D were working for long term capital management

        There is 700 PhDs working for The Federal Reserve in the US and they don't have a good track record on booms and busts

        The real echo chamber is when people think they are some how smarter and knows more than everyone else. I do enjoy bitcoiners think they are onto something and it is some kind of skill they have but rather they got lucky

  • hasher22 on 25/02/2024 - 19:27
    +3

    Sold last week and I broke even after 2 years of holding. Don't really care no more about crypto even if in 1 year or 2 years if I made a nice profit, rather keep that money in the offset.

    • techlead on 25/02/2024 - 21:17

      I was like you back in 2013, bought for $800 USD each and really wanted to sell when I broke even, but I decided against it and the rest is history, so glad I didn't sell. I will never sell those initial 2BTC I bought back in 2013.

      • Poor Ass on 26/02/2024 - 19:12

        what exchanges do you like using?

  • brendanm on 25/02/2024 - 22:13
    +12

    If I had $140m worth of btc, I sure as hell wouldn't be spending my time trying to convince people on ozbargain about btc.

    • SBOB on 26/02/2024 - 00:35
      +3

      But however would we know how rich they were if they didnt keep reminding us?
      Seems those that make their wealth via crypto haven't also earned the modesty that generally comes with traditional wealth creation :)

    • lachhelix on 26/02/2024 - 01:41
      +5

      My bullshit meter is off the charts with this guy 😂

    • fatpizza on 26/02/2024 - 12:10
      +3

      They need other idiots to buy in, otherwise their Crypto is worth f**k all.

      • bargainhunter168 on 26/02/2024 - 16:49
        +1

        Sounds very much like the greater fool theory in which shares and property markets also operate in.

    • RTX9090Ti on 26/02/2024 - 16:43

      because he doesn't have that much btc, maybe only few hundreds k which is not enough to retire. he wants to pump up the price more to cash in the millions.

      • bargainhunter168 on 26/02/2024 - 16:48
        +1

        Lmao, how big do you think the OzB community is?

        • netjock on 27/02/2024 - 15:05
          +1

          Doesn't need to be a big community. Don't forget prices are set at the last trade. There was analysis there is 21m bitcoin ever. Some have been lost. Others seems to never move. The available to trade (float) is actually pretty small.

          It is like property. Last week the house around the corner could have set an all time high for the suburb. But if everyone tried to sell then prices will plummet.

          Since there is no dividends, no revenue bitcoin is only worth as much as someone is willing to pay for it. It is like pass the parcel with more money changing hands each time. When the music stops nobody knows.

    • bargainhunter168 on 26/02/2024 - 16:47

      Cool story bro, you do your thing when you have $140m worth of BTC. Also, OP doesn't have $140mil worth of BTC, 500BTC is only around $47 mil.

      • brendanm on 27/02/2024 - 16:28
        +1

        Yeah I didn't do the calculation, thought I saw that number mentioned, but it was $40m, not $140m.

        Point still stands, if I had $40m worth of Bitcoin, I wouldn't be on here telling people about it.

    • SpicyStew on 27/02/2024 - 16:20

      what else you gonna do

      • brendanm on 27/02/2024 - 16:26
        +1

        Probably can't go into that on here.

  • frostman on 25/02/2024 - 22:22
    +5

    Here's my take about BTC.

    It's a Ponzi scheme marketed as a decentralized money system to fool people into it's intrinsic use.
    Since it's uprise in 2013 (over 10 years), you still cannot buy a jetski, house, car, phone, or anything with BTC.

    The supporters that viciously support it and insult you are generally people holding out as they're in a current loss.

    The ultimate winning process is quite easy - You Buy, 10 People Buy. Price Goes Up - You Sell, the 10 People at loss now wait for the next 10 to Buy.

    When compared to the ASX, company shares go up driven by value of service, innovation, macroeconomics and a bunch of other.

    I have 2 very simple and basic reasons as to why BTC and all other Crypto Coins is a ponzi, and no-one can refute this:

    a.) Most of the Winners in BTC/Crypto seem to be on Social Media showing off their wealth whilst providing direct hints at the Tickers they bought. You don't get successful stock investors posting their tips on what stocks to buy. There are specific people called Financial Advisors that you pay money to, to get some stock tips.

    b.) Majority of BTC/Crypto Winners (i.e Rich/Allegedly Rich) people are usually Hot Influencer girls, these girls are nothing by crypto mules given a few thousand by their Crypto Bosses to snarl and snag unsuspecting investors.

    At the end, it's your choice, some people made big bucks and it's always been inviting, however it's no different to throwing a couple of thousand on Roulette, atleast you get a coffee there.

    • askbargain on 25/02/2024 - 23:58

      why do you compare a crypto currency to stocks? why not to another currency? do you think that USD or AUD is perfect or 'good enough'?

      • zonra on 26/02/2024 - 00:13
        +4

        I’m no expert but USD is backed by the US government and economy, same with AUD.
        What is backing BTC?
        Please don’t say Elon Musk.

        • askbargain on 26/02/2024 - 15:26

          The government is also controlling your buying power via monetary policy. They are constantly devaluing your money and you think that the government is backing the dollar for your personal benefit?

          • zonra on 26/02/2024 - 19:20

            @askbargain: I’m old enough to understand that besides myself, absolutely no one is working for my personal benefit.
            However I do have a touch more faith in the Australian government and economy than the pump-and-dump whales running Bitcoins.
            Picking the lesser evil, if you will.

          • frostman on 26/02/2024 - 21:02
            +1

            @askbargain:

            The government is also controlling your buying power via monetary policy. They are constantly devaluing your money and you think that the government is backing the dollar for your personal benefit?

            WTF you on about, you think buy buying BTC you suddenly free the shackles of the government?

            Buying BTC means jack for the government because you can't do anything with it but sell to another person, and when you do - you pay Taxes as capital gain. All the people umming and arring about it being de-cetralised are just lost sheep forever, who do you think controls your BTC, some random dude that for all intents and purposes is supposedly dead

      • netjock on 26/02/2024 - 10:48

        You know those courses they teach on FX trading… guess how many people made it big

    • lltravel on 26/02/2024 - 13:55
      +2

      are you stupid or just stupid?

      You can read the open source code and see that its decentralized .
      Yes you can buy a jetski, house, car , phone with btc,

      The reason why the banks have made BTC the enemy and clueless people like you eat it up is becasue they cant control BTC

      The government and banks can freeze your assets, you cannot freeze btc
      Its nothing like gambling at all. You clearly have zero knowledge of how btc works

      • netjock on 26/02/2024 - 16:02
        -1

        are you stupid or just stupid?

        Bitcoiners always start with this. Only makes sense to bitcoiners how the spectrum of stupid can be change be indicated by "you" or "just" which neither point to a measure.

        Lets keep playing the bitcoin game. I am rather enjoying this.

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