Bitcoin is 10k again what are you going to do now?
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Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7yI'd sooner rent to a convicted felon with a 400 credit score, a tattoo on his forehead and a stolen car than deal with Bitcoin.
559 Replies
Originally posted by @Joe Cassandra:
If you have the cash, I don't see why you wouldn't put $5k into an assortment of coins.
I did that last summer when bitcoin and others dropped then steadied.
Now, have just held. For how long? Who knows.
But if you go in with the mindset that it's okay to lose it all and it won't affect your life...you won't ever panic sell.
There are other currencies that may be worth while, but be careful about the assortment mentality. I'm not saying this is what you mean, but you do bring up a point. Crypto might not be the thing to diversify in, there is a lot of garbage out there. Understand the fundamentals, understand the support, understand the use, by what you believe in based on those fundamentals. Remember the.com boom. There was a lot of garbage. And here we are, the Internet has changed the world forever
- 7yJordan MoorheadBusiness MemberReal Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
Probably continue to open businesses and invest in real assets. What bitcoin does has no bearing on what I do.
The Moorhead Team5140 Reviews - Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes7y
Originally posted by @Luke Hadden:
@Terrell Garren
Why
Oh, I don't know. How about this.
Originally posted by @Terrell Garren:
Originally posted by @Luke Hadden:
@Terrell Garren
Why
Oh, I don't know. How about this.
What about it? Look back since 2009, you will see this over and over and you will see it rise higher each time.
If you don't believe in it - that's one thing. But at least make that an educated decision.
My BTC story:
I started buying crypto in 2017. I think BTC was around $4700. I also bought ETH/LTC. Bought a bunch of alts as well. Was feeling great in Jan 2018. Value 5X'd. Then it dropped to like 30% of its original value. I read up on it extensively for 6 months, but then sort for lost interest afterwards. I didn't like the exchanges being hacked, didn't like the concept of cold and hot storage, 6 word passkeys layers on additional passwords, and those cold storage devices.
I actually like my money as digits on a screen, partnerships, and physical real estate. I don't care if there is a custodian there. The thought of traveling with cold storage devices, and having to write down a bunch of passwords in a book that you might lose, or in your head, then only to lose your life savings.... -- I'll pass.
Probably a 100% overall return on my portfolio by now, though. Not for me.
I actually have a decent amount of BTC and Bitcoin Cash on a ledger nano. Its been so long I forgot how to access it. Wasn't there a Chrome browser extension or something? You can now see why I stopped with this stuff. If someone can assist me recovering my crypto, I would much appreciate!
- Member since 2019 · 24 posts · 7 votes7y
@Andrey Y. yes ledger used to have a chrome browser extension, but now they have dedicated desktop apps you can download. You can access your coins if you remember your 4 digit pin number, or have the 24 word recovery seed, which you should have written down on a piece of paper when you first activated the device
Originally posted by @Kwaku Farkye:
@Andrey Y. yes ledger used to have a chrome browser extension, but now they have dedicated desktop apps you can download. You can access your coins if you remember your 4 digit pin number, or have the 24 word recovery seed, which you should have written down on a piece of paper when you first activated the device
Cool, thanks!
I just spent the last 30 minutes recovering my Coinbase and Binance google authenticator setup, so it looks like I have 3 figures in my Coinbase and 3 figures on Binance. I'm rich! Haha.
But seriously, I should have a bit more on my Ledger. So from here, you recommend to install the desktop app as a Step 1, then what?
- Lubbock, TX · Member since 2017 · 3 posts · 3 votes7y
@Matt R. When everyone’s talking about it, that’s precisely when you DON’T jump in.
- Member since 2019 · 24 posts · 7 votes7y
@Andrey Y. once you have the app installed then just open the app, plug in your ledger to your computer, and it should walk you through the pin authentication process. if you don't remember your pin then you'll need your 24 word recovery seed to regain access to your account.
Originally posted by @Kwaku Farkye:
@Andrey Y. once you have the app installed then just open the app, plug in your ledger to your computer, and it should walk you through the pin authentication process. if you don't remember your pin then you'll need your 24 word recovery seed to regain access to your account.
Thanks. I did all that. Installed dedicated app. Reset my Ledger. Reinstalled firware. Installed BTC app. Bitcoin 1 segwit. Now it shows I have 0 BTC!!! I had BTC on this ledger. Now I am going crazy :( Seems like my BTC is gone!
- Rental Property Investor · Farmington, UT · Member since 2018 · 171 posts · 148 votes7y
@Matt R. Libra’s big issue is that it will be launched by, and if you look into it controlled by Facebook, even if they say it will be a separate foundation. Facebook has a trust issue with the public and currencies are based on trust. As such in skeptical of Libra will be all it could. Had Facebook been the light on the hill in terms of privacy and trust they would have had a much higher chance of pulling this off. If it works it will be as significant as the advent of social networks themselves, if not more so.
@Kwaku Farkye I want to see if I can access my Bitcoin and Bitcoin Cash, but now the old Chrome browser extension for the ledger isn't loading either. They said I won't affect my assets by resetting the software etc. But that stupid program shows I have 0 BTC after installing the app. How is that possible? Does it have something to do with the Segwit forks? Because I was able to see my assets no problem with the chrome extension last year.
- 7yJohn PrinzPro MemberReal Estate Investor · Libertyville, IL · Member since 2016 · 10 posts · 8 votes
I've been involved at several levels starting in 2014. Owning and mining coins. I just sold 1/2 coin to pay for trip to base camp(Everest). I don't know what directions coin price is going. I remember the guy who bought a pizza for like 1000 coins 8 years ago. hope I don't regret my bitcoin trip in 10 years:)
- Rental Property Investor · Metro Detroit, MI · Member since 2016 · 277 posts · 269 votes7y
I run one of the largest Cryptocurrency Trading communities in the world. Love to engage and interact on BP, but geez are some of the people here ignorant when it comes to Crypto! Even listen to them hate on it on nearly every Podcast.
I got into Real Estate to add stability and cash flow to my portfolio, but I've made the majority of my wealth trading equities and Cryptocurrency. I'm an early adopter of Cryptocurrency and I am active in the space every day. I've traveled, spoke, and hosted conferences with thousands of attendees all around the world.
I'm believe all property records will be kept and stored on the Blockchain. Every single transaction will be recorded and information will be easily available. This will reduce fraud and disputes, making the job of title companies MUCH EASIER.
We are already able to get get LOANS on our Cryptocurrency holdings without a credit check or going through a 3rd party, central authority. If I put up 1 BTC ($10,000) as collateral, I can use a multitude of platforms to get a 30-70% LTV of cash in my bank. This helps bypass taxable events of selling Crypto and realizing profit while also giving you the opportunity to access capital for whatever you need.
In the future, I believe there will be little need for Real Estate Agents and Mortgage Lenders. These are unnecessary middlemen that slow down transactions. The entire Real Estate industry will become much more efficient and I believe Blockchain will play a key role.
We are in the early stages of seeing tokenized assets. Imagine dividing an apartment complex into 10k tokens and investors could buy/sell/trade those tokens with each token representing REAL EQUITY in the property...this is all just starting to happen.
I'm an investor, trader, and business owner. I love all different types of asset classes, but Crypto is that 'once in a lifetime' opportunity that you should not be sleeping on! My advice is to at the very least have *some* exposure to this emerging asset class and start to dig down the rabbit hole. If you haven't noticed, we are moving to a digital world. Anyone under 30 grew up as the internet was getting built and kids under 20 are totally emerged in a digital life.
Pay attention to where the world is headed and be 1 step ahead of the crowd!
Originally posted by @Matthew John:
I run one of the largest Cryptocurrency Trading communities in the world. Love to engage and interact on BP, but geez are some of the people here ignorant when it comes to Crypto! Even listen to them hate on it on nearly every Podcast.
I got into Real Estate to add stability and cash flow to my portfolio, but I've made the majority of my wealth trading equities and Cryptocurrency. I'm an early adopter of Cryptocurrency and I am active in the space every day. I've traveled, spoke, and hosted conferences with thousands of attendees all around the world.
I'm believe all property records will be kept and stored on the Blockchain. Every single transaction will be recorded and information will be easily available. This will reduce fraud and disputes, making the job of title companies MUCH EASIER.
We are already able to get get LOANS on our Cryptocurrency holdings without a credit check or going through a 3rd party, central authority. If I put up 1 BTC ($10,000) as collateral, I can use a multitude of platforms to get a 30-70% LTV of cash in my bank. This helps bypass taxable events of selling Crypto and realizing profit while also giving you the opportunity to access capital for whatever you need.
In the future, I believe there will be little need for Real Estate Agents and Mortgage Lenders. These are unnecessary middlemen that slow down transactions. The entire Real Estate industry will become much more efficient and I believe Blockchain will play a key role.
We are in the early stages of seeing tokenized assets. Imagine dividing an apartment complex into 10k tokens and investors could buy/sell/trade those tokens with each token representing REAL EQUITY in the property...this is all just starting to happen.
I'm an investor, trader, and business owner. I love all different types of asset classes, but Crypto is that 'once in a lifetime' opportunity that you should not be sleeping on! My advice is to at the very least have *some* exposure to this emerging asset class and start to dig down the rabbit hole. If you haven't noticed, we are moving to a digital world. Anyone under 30 grew up as the internet was getting built and kids under 20 are totally emerged in a digital life.
Pay attention to where the world is headed and be 1 step ahead of the crowd!
1 BTC as collateral. You mean "1 BTC worth $2K-$19K with 15% daily and 50% yearly swings common". Who would accept collateral from such a volatile "commodity"?? I implore you, step out of your personal bias (I know you feed your family with it), and think about this real problem. The dollar and gold don't have such problems.
- Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes7y
Originally posted by @Eric Carr:
Originally posted by @Terrell Garren:
Originally posted by @Luke Hadden:
@Terrell Garren
Why
Oh, I don't know. How about this.
What about it? Look back since 2009, you will see this over and over and you will see it rise higher each time.
If you don't believe in it - that's one thing. But at least make that an educated decision.
Ok, @Andrey Y. educated me and I. Bitcoin investing is speculation and I don't have the time or inclination for an IT science project to manage my checking account lol.
- Rental Property Investor · Metro Detroit, MI · Member since 2016 · 277 posts · 269 votes7y
@Andrey Y. I don't need to think of the problem, lol...
There's several decentralized & even centralized projects out there offering these services.
I said 1 BTC ($10,000) because that's the estimated price right now. It hasn't been $2000 since 2017 and is currently up 250% YTD.
Do some research on these projects...
There's plenty more out there. And no, I don't 'feed my family with it', the cash flow from my rental properties pays my living expenses so I don't have to withdraw Crypto.
Originally posted by @Matthew John:
@Andrey Y. I don't need to think of the problem, lol...
There's several decentralized & even centralized projects out there offering these services.
I said 1 BTC ($10,000) because that's the estimated price right now. It hasn't been $2000 since 2017 and is currently up 250% YTD.
Do some research on these projects...
There's plenty more out there. And no, I don't 'feed my family with it', the cash flow from my rental properties pays my living expenses so I don't have to withdraw Crypto.
You do not feed your family with it, because you can't. Grocery stores and restaurants won't accept it (too volatile, fees too high). Have to convert to dollars. How come I can't pay for my date with BTC? /fail
It hasn't been $2K since 2017, doesn't mean it won't be $2K again. Like the crypto guys say "90% drops in BTC are not uncommon historically".
I don't agree with ANYTHING Peter Schiff says, but the only thing I agree with him is on Bitcoin. He is 100% correct.
When you give nothing to someone else, it is still nothing. Blockchain technology is a different story and will be used. Crypto is valueless because the only thing you can do with Bitcoin is give it to someone else. And shill others to buy it so the price goes up.
- Member since 2018 · 3 posts · 1 vote7y
@Matt R. I would never accept bitcoin as a payment only because of its volatility. You can invest in it if you want. I’ve made $800 from bitcoin this month alone but I wouldn’t accept it as a payment. It’s tech isn’t even impressive. It’s slow and fees are high. Libra would be better because it’ll be more stable. If you’re a gambling man and wanna live on the edge then go for it. You could charge $1000 in BTC and wait a month and that might be worth $1500 but it could also be worth $500
Originally posted by @Brent Morse:
@Matt R. I would never accept bitcoin as a payment only because of its volatility. You can invest in it if you want. I’ve made $800 from bitcoin this month alone but I wouldn’t accept it as a payment. It’s tech isn’t even impressive. It’s slow and fees are high. Libra would be better because it’ll be more stable. If you’re a gambling man and wanna live on the edge then go for it. You could charge $1000 in BTC and wait a month and that might be worth $1500 but it could also be worth $500
Bingo.
- Rental Property Investor · Metro Detroit, MI · Member since 2016 · 277 posts · 269 votes7y
@Andrey Y. Aside from the several Crypto debit cards out there that can connect directly to your Coinbase account (which you can use anywhere that accepts VISA), there are also services like https://purse.io/shop which allow you to purchase ANYTHING on Amazon, with Cryptocurrency, at a 5-33% discount.
You can also use something like https://www.bitrefill.com that allow you to use Cryptocurrency to buy gift cards from thousands of retailers and use their services, many have discounts too.
You can't pay for things because YOU haven't done your research. You're waiting for the Olive Garden to accept Bitcoin directly which probably won't happen for at least a few yrs.
You need to understand that this is only a 10yr old asset class and it's still in it's infancy. Do really think every single business in the US should accept a 10yr old asset class that the US Gov doesn't even understand yet??
By the time you get stability and global, consumer adoption, the profit potential won't be there and you'll have likely missed out in the once in a lifetime opportunity that Crypto provides.
I don't 'feed my family' with it (anymore) because every time I've pulled out a significant amount of money out of Crypto, it's gone up...a lot.
You could have bought Bitcoin ANY TIME in it's lifespan (aside from December 2017 and January 2018) and you'd be in PROFIT right now.
I'm a technical trader working with a community of over 70,000 members. I've heard any argument you can come up with as to WHY Crypto will fail. I see what the issues are and what needs to be fixed. I also see a highly intelligent community of people building solutions and working towards Adoption.
"If you don't believe me or don't get it, I don't have time to try to convince you, sorry" - Satoshi Nakamoto
- Rental Property Investor · Midvale, UT · Member since 2019 · 26 posts · 9 votes7y
@Matt R.
I will NEVER put a penny into bitcoin. I don’t trust it and I don’t like it.
I’ve got friends who love it and that’s ok. I simply don’t want to speculate. I’d rather put in on something I know is solid.
Originally posted by @Matthew John:
@Andrey Y. Aside from the several Crypto debit cards out there that can connect directly to your Coinbase account (which you can use anywhere that accepts VISA), there are also services like https://purse.io/shop which allow you to purchase ANYTHING on Amazon, with Cryptocurrency, at a 5-33% discount.
You can also use something like https://www.bitrefill.com that allow you to use Cryptocurrency to buy gift cards from thousands of retailers and use their services, many have discounts too.
You can't pay for things because YOU haven't done your research. You're waiting for the Olive Garden to accept Bitcoin directly which probably won't happen for at least a few yrs.
You need to understand that this is only a 10yr old asset class and it's still in it's infancy. Do really think every single business in the US should accept a 10yr old asset class that the US Gov doesn't even understand yet??
By the time you get stability and global, consumer adoption, the profit potential won't be there and you'll have likely missed out in the once in a lifetime opportunity that Crypto provides.
I don't 'feed my family' with it (anymore) because every time I've pulled out a significant amount of money out of Crypto, it's gone up...a lot.
You could have bought Bitcoin ANY TIME in it's lifespan (aside from December 2017 and January 2018) and you'd be in PROFIT right now.
I'm a technical trader working with a community of over 70,000 members. I've heard any argument you can come up with as to WHY Crypto will fail. I see what the issues are and what needs to be fixed. I also see a highly intelligent community of people building solutions and working towards Adoption.
"If you don't believe me or don't get it, I don't have time to try to convince you, sorry" - Satoshi Nakamoto
I've heard all that before. BTC is the original but an infinite number of copies can be created, cheaper and safer. I never predicted that it will fail. I just said that it fails all the criteria to make it a viable currency and store of value. And unlike gold (which I don't own any of) it has zero utility and is not finite (an infinite number of forks and other cryptos can be created). I think it's a great speculative asset.
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