scottbeard Posted October 14, 2021 Share Posted October 14, 2021 21 minutes ago, TheRivieraKid said: This person seems to have forgotten that the point of Having money is to buy things you want, rather than as an ending itself Quote Link to comment Share on other sites More sharing options...
markyh Posted October 14, 2021 Share Posted October 14, 2021 1 hour ago, TheRivieraKid said: If it where me, i would deposit all 6 BTC with Blockfi or Nexo , they both will allow you to take a drawdown loan up to 3 BTC , so "borrow" against the 2.5 BTC , put the remaining 3.5 BTC into the interest side of the account to offset the majority of the loan interest with savings interest. Then start making monthly 25 year payments of £333.33 to pay back the 2.5 BTC loan. If they market crashes they will sell your BTC anyway to cover the loan LTV so it remains @ 50% , if the market takes off to $100k+ , you still "own" all 6 BTC and make all the gainz still keeping your wealth. Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted October 14, 2021 Share Posted October 14, 2021 On 11/10/2021 at 13:05, dugsbody said: Have I? I was one of the first few in this thread to fight the status quo that bitcoin was valuable because it was going to replace fiat. Those arguments have been buried and people pretend they didn't really mean what they said they meant. Now it is digital gold. Let's watch what happens with El Savador. I don't know, I haven't been following closely but my theory (from all the time you say I've been wrong) was that people would not spend bitcoin because it doesn't make sense for them to do so if it is going to be worth more tomorrow while your fiat will be worth less. That is true today. A tiny percent of bitcoin is actually used for spending, most is just hoarded or transacted between hoarders. We'll see how this unfolds in El Salvador. Groupthinkers attack people who don't think like the group. If you're not a groupthinker then there is no need for stuff like this. But you can go high-five your mates because you "owned" me. Sounds a bit like the Brexit thread to me. Quote Link to comment Share on other sites More sharing options...
dugsbody Posted October 14, 2021 Share Posted October 14, 2021 (edited) 55 minutes ago, markyh said: If it where me, i would deposit all 6 BTC with Blockfi or Nexo Not your keys, not your coins? EDIT: You've done very well from it though of course. Edited October 14, 2021 by dugsbody Quote Link to comment Share on other sites More sharing options...
markyh Posted October 14, 2021 Share Posted October 14, 2021 19 minutes ago, dugsbody said: Not your keys, not your coins? EDIT: You've done very well from it though of course. Sure. I only have 0.3 BTC in Nexo with a £4k drawdown, and in Hex I hold my own keys as it's a smart contract, zero 3rd parties. But you have to look at the risk he is willing to take, selling 2.5 BTC for £100k , that could be worth $2.5m by 2029. As JJ knows, once sold, it's gone, poof. sure you can piss about adding back monthly DCA buys but you make your profits when you buy, not sell. So depositing and taking a drawdown loan carries not you keys risk, but the reward for that risk is keeping unlimited gainz to the upside. Quote Link to comment Share on other sites More sharing options...
markyh Posted October 14, 2021 Share Posted October 14, 2021 On 07/10/2021 at 16:00, azogar said: Oooppps. Quick, time for a 3rd bubble somehow, or maybe make the 2nd bigger, quick, the price seems to have "escaped" the Island of "The prisioner" . 😂🤣 🙄 Charting, the perfect system of predicting the past. 😉 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 14, 2021 Share Posted October 14, 2021 One of the most beautiful and ingenious things about Bitcoin is its resilience. 🖕🇨🇳 Quote Link to comment Share on other sites More sharing options...
markyh Posted October 14, 2021 Share Posted October 14, 2021 1 hour ago, MonsieurCopperCrutch said: One of the most beautiful and ingenious things about Bitcoin is its resilience. 🖕🇨🇳 And the best bit is, no one hardly noticed, the difficultly just adjusted itself and carried on. Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted October 14, 2021 Share Posted October 14, 2021 (edited) 12 hours ago, markyh said: If it where me, i would deposit all 6 BTC with Blockfi or Nexo , they both will allow you to take a drawdown loan up to 3 BTC , so "borrow" against the 2.5 BTC , put the remaining 3.5 BTC into the interest side of the account to offset the majority of the loan interest with savings interest. Then start making monthly 25 year payments of £333.33 to pay back the 2.5 BTC loan. If they market crashes they will sell your BTC anyway to cover the loan LTV so it remains @ 50% , if the market takes off to $100k+ , you still "own" all 6 BTC and make all the gainz still keeping your wealth. I don't follow your numbers here. Checking the Blockfi site, the interest savings rates are derisory for anything above 0.35 BTC, while the 50% LTV loan rates are exorbitant ! [There's also a 2% arrangement fee which probably negates the derisory interest over the long term...] https://blockfi.com/rates/ Looks like you'd be paying (net) about 9.65% interest on any significantly-sized loan, with huge margin-call risk (we know when BTC crashes, it crashes hard, and we know it will certainly crash again !) SUMMING-UP It seems they get an extortionate interest rate when the sun is shining, and confiscate most of your bitcoin when it rains (which we know is a certainty at some point) What am I missing here? I also don't get this "paying off the mortgage" FETISH. I increased my mortgage [at 300-year rate lows] to buy more BTC... Only an extra £150 a month to buy something that has already gone up 5x+ since i started, and may have another 5 or 10x in it during my time horizon... A no-brainer, surely? My only regret is I was so cautious. £150 a month for (back of the envelope) perhaps a £million profit or more? Edited October 14, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
markyh Posted October 14, 2021 Share Posted October 14, 2021 2 minutes ago, RodCrosby said: I don't follow your numbers here. Checking the Blockfi site, the interest savings rates are derisory for anything above 0.35 BTC, while the 50% LTV loan rates are exorbitant ! Looks like you'd be paying (net) about 9.65% interest on any significantly-sized loan, with huge margin-call risk (we know when BTC crashes, it crashes hard, and we know it will certainly crash again !) https://blockfi.com/rates/ What am I missing here? Not 100% sure about BlockFi , but i use Nexo.io , and their BTC savings rates start at 8% and no limits, and go up depending on what you do. loan rates for BTC can be as low as 6.9% , if you hold a chunk of Nexo tokens to platinum level (I do). I would no recommend this though as BTC has outperformed Nexo by a lot the last 6 months, might balance out in an Alt season. Quote Link to comment Share on other sites More sharing options...
lombardo Posted October 14, 2021 Share Posted October 14, 2021 5 hours ago, MonsieurCopperCrutch said: One of the most beautiful and ingenious things about Bitcoin is its resilience. 🖕🇨🇳 The fact that China had so much of the hashing power is not something to be proud of. This is something that needs to be fixed. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 14, 2021 Share Posted October 14, 2021 9 minutes ago, lombardo said: The fact that China had so much of the hashing power is not something to be proud of. This is something that needs to be fixed. It has been fixed. Most miners only focused there on the cheap fossils. Now they’ve been kicked out Bitcoins renewable footprint is going up. Win win. Quote Link to comment Share on other sites More sharing options...
lombardo Posted October 15, 2021 Share Posted October 15, 2021 4 hours ago, MonsieurCopperCrutch said: It has been fixed. Most miners only focused there on the cheap fossils. Now they’ve been kicked out Bitcoins renewable footprint is going up. Win win. The point is it can happen again. Any region with cheap electricity could gain a huge portion of the mining power. BTW some prominent BTC devs (e.g. LukeJr) have been calling for a fix for many years but the BTC community gets all defensive about it. Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted October 15, 2021 Share Posted October 15, 2021 (edited) Hello $60k BTC ! we've only ever seen 9 higher days in the history of bitcoin... Edited October 15, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted October 15, 2021 Share Posted October 15, 2021 (edited) https://www.reuters.com/business/finance/us-sec-poised-allow-first-bitcoin-futures-etf-bloomberg-news-2021-10-15/ Edited October 15, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted October 15, 2021 Share Posted October 15, 2021 (edited) Another game changer? Have your salary paid in bitcoin, whoever you are... https://www.nasdaq.com/articles/strike-launches-pay-me-in-bitcoin-feature-to-allow-income-conversion-into-bitcoin-2021-10 https://jimmymow.medium.com/announcing-pay-me-in-bitcoin-455f4fa0a0e4 Edited October 15, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
Gbob Posted October 15, 2021 Share Posted October 15, 2021 (edited) Digital Pound Foundation launches https://www.coindesk.com/business/2021/10/14/digital-pound-foundation-launches-to-push-uk-cbdc-efforts/ https://digitalpoundfoundation.com/ Edited October 15, 2021 by Glenn Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted October 15, 2021 Share Posted October 15, 2021 (edited) As an aside, I've not posted in a while because I found this forum to be so weighed down with ads it was almost unusable. Try this... https://chrome.google.com/webstore/detail/adblocker-ultimate/ohahllgiabjaoigichmmfljhkcfikeof?hl=en It's like I have a new machine ! No more freezes or crashes. Over 11,000 ads blocked in the few days since I installed it... Edited October 15, 2021 by RodCrosby Quote Link to comment Share on other sites More sharing options...
dugsbody Posted October 15, 2021 Share Posted October 15, 2021 15 hours ago, MonsieurCopperCrutch said: One of the most beautiful and ingenious things about Bitcoin is its resilience. 🖕🇨🇳 Agreed. I think some people don't understand how bitcoin mining works, judging by how many times we've heard "they're killing bitcoin by banning mining". The difficulty auto-adjustment mechanism takes care of that. They could ban corporate mining across the entire world (well, they can't but hear me out) and people would just go back to using their PCs to mine. Bitcoin would be even more secure and continue transacting at the same rate. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted October 15, 2021 Share Posted October 15, 2021 5 minutes ago, dugsbody said: Agreed. I think some people don't understand how bitcoin mining works, judging by how many times we've heard "they're killing bitcoin by banning mining". The difficulty auto-adjustment mechanism takes care of that. They could ban corporate mining across the entire world (well, they can't but hear me out) and people would just go back to using their PCs to mine. Bitcoin would be even more secure and continue transacting at the same rate. Anti fragility in action. Interestingly the inventor of the term "anti fragile" Nassim Taleb denounced bitcoin about two months ago issuing the so called "black paper" detailing why it can never work and will go to zero. Such an attack of course just makes bitcoin stronger - ironically anti fragility in action again. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 15, 2021 Share Posted October 15, 2021 7 hours ago, lombardo said: The point is it can happen again. Any region with cheap electricity could gain a huge portion of the mining power. BTW some prominent BTC devs (e.g. LukeJr) have been calling for a fix for many years but the BTC community gets all defensive about it. It can happen again and Bitcoin can say 🖕 again. That’s the beauty of Bitcoin. It doesn’t care what anyone thinks. Hence after months of utter 🐂💩 and FUD we are back approaching the ATH as predicted by myself, @markyh and others. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 15, 2021 Share Posted October 15, 2021 51 minutes ago, dugsbody said: Agreed. I think some people don't understand how bitcoin mining works, judging by how many times we've heard "they're killing bitcoin by banning mining". The difficulty auto-adjustment mechanism takes care of that. They could ban corporate mining across the entire world (well, they can't but hear me out) and people would just go back to using their PCs to mine. Bitcoin would be even more secure and continue transacting at the same rate. 👌 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted October 15, 2021 Share Posted October 15, 2021 3 hours ago, RodCrosby said: Hello $60k BTC ! we've only ever seen 9 higher days in the history of bitcoin... Congratulations to all the believers. The hodlers and BTFDers. We are now well above the JJ line. Quote Link to comment Share on other sites More sharing options...
Huggy Posted October 15, 2021 Share Posted October 15, 2021 It's on fire today 😀 Now, if it can go up just another 25x, i'll be one happy fella! Quote Link to comment Share on other sites More sharing options...
markyh Posted October 15, 2021 Share Posted October 15, 2021 1 hour ago, MonsieurCopperCrutch said: We are now well above the JJ line. Keeping my powder dry for new ATH and $ six figure BTC before Xmas before i say "i told you so" . Quote Link to comment Share on other sites More sharing options...
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