Crypto is going down the toilet!

[Tetiana]

the more believers are out there the better it is for me

I guess "believers" is the most appropriate term to describe those into crypto.

The more i read stuff about crypto the more it reminds me of a religion, at the end of the day you buy into a promise of some kind (paradise for christians, BTC replacing FIAT).

you will never regret owning an asset that you can always liquidate instantaneously, that is always scarce, and that no entity has the ability to freeze

This is all good but how could you could call BTC an asset if any day could go down 50%?

An asset is something that puts money into your pockets, everything else is a cost.

 

[void]

This is all good but how could you could call BTC an asset if any day could go down 50%?

you're using the wrong unit of account which creates an illusion that BTC is volatile

 

[jafo]

I guess "believers" is the most appropriate term to describe those into crypto.

The more i read stuff about crypto the more it reminds me of a religion, at the end of the day you buy into a promise of some kind (paradise for christians, BTC replacing FIAT).



This is all good but how could you could call BTC an asset if any day could go down 50%?

An asset is something that puts money into your pockets, everything else is a cost.

This is so hard and so painful for me to explain, but try to wire €4M or €40M to your supplier in China and see how banks will call the feds and everyone else on you.

With crypto, we do this several times every day and twice on Sundays, and NOBODY delays our transfers or seizes our accounts. Crypto for the business world vis-à-vis small businesses has given us a second wind because multinationals even own the banks that have our money. So, just by saying we're selling a "counterfeit" or any other BS illogical accusation (typical lie of them), all our accounts would be seized! With crypto, they can bite their elbows

 

[Tetiana]

you're using the wrong unit of account which creates an illusion that BTC is volatile

It is not?

Are you telling me that i'm wrong because i'm using FIAT to compare the value of BTC?

try to wire €4M or €40M to your supplier in China and see how banks will call the feds and everyone else on you.

I don't see any problems if you stay in the BTC realm.

It's a great distribution channel.

The only problem i see is in the conversion from BTC/FIAT there's so much value lost.

 

[jafo]

The only problem i see is in the conversion from BTC/FIAT there's so much value lost.

It would be best if you REALLY educated yourself on this BEFORE you opined...

What you are doing now is analogous to "Trying to sign up for a boxing competition without EVER educating (learning and training) yourself on boxing. You will get obliterated in the ring."

Think of cashing out to FIAT as a CASH ADVANCE from your Credit Card. If you had to pay for food, why would you go out and get a cash advance and, with THAT money, now pay with the CASH (i.e., FIAT) for your food?
Why not pay directly with the credit card and save yourself the additional friction fees?

The intelligent people ONRAMP to crypto! Not offramp!

It would be best to read the Bitcoin Whitepaper https://bitcoin.org/bitcoin.pdf to understand this.

We instead look for these signs:

Do you get it now? If not, immersing yourself in studying crypto will alleviate the confusion...unless, of course, Blackrock, Vanguard, State Street, et al. sent you here to derail our crypto train.

From here on, you need to start educating yourself. Watch Andreas and CryptoDad on Youtube to get the basics. Buy Andreas' book.

"No matter how many questions you ask about losing weight and getting in shape and no matter how many correct answers you receive, you will NEVER lose weight or get in shape if you don't start dieting and hit the gym daily. *BUT* what you WILL accomplish is to rob precious & valuable time from those who need to spend their time in the gym, but are now instead getting fat next to you while they explain to you you need to go to the gym."

- Dan Duchaine to some guys in the audience in the early 80s.

 

[TheCryptoAnt]

Having such assets I wouldn't bother spending my time here

why not? I have unlimited free time and this forum is great I learn something new every time I pass by here.

I think having such assets one HAS to spend more time here to learn how to safeguard your wealth from everyone who wants a part of it through taxes.

I literally got my set up idea from this forum lol.

I doubt you would want to cash out your crypto all at once and doing just partial withdrawals to cover your monthly expenses I wouldn't bother about taxes. Just use crypto ATMs which are widely available for example. Of course if it's not in hundreds of thousands. But that's a different level and if you spend $200K+ every month you wouldn't search for an advice on forums IMO

Im not withdrawing anything; Ive been living on savings (mostly) for the last few years. The plan is to make it to 10/12M and then sell the company.

Many people assume that having money means you become isolated and no longer need guidance or interact with 'commoners.' But I'm just a guy who knows how to trade crypto. Outside of that I'm pretty much the same person I was in 2016.

Finally somebody with some intellectual honesty so what are you betting on when buying BTC?

Number go up + fomo

 

[Tetiana]

Do you get it now?

Earlier i said "I don't see any problems if you stay in the BTC realm" because i get that if you pay or get paid in BTC everything works without friction.

BTW i've read that you do your business in crypto, do you send/receive invoices in crypto?

 

[JackAlabama]

I guess "believers" is the most appropriate term to describe those into crypto.

The more i read stuff about crypto the more it reminds me of a religion, at the end of the day you buy into a promise of some kind (paradise for christians, BTC replacing FIAT).



This is all good but how could you could call BTC an asset if any day could go down 50%?

An asset is something that puts money into your pockets, everything else is a cost.

look at some fiat money fx. These are not stable either. Not even talking about full blown banana currencies here either. e.g. jpy/usd pair vs jp/btc pair and its clear which one is superior.
Plus you don't have to face soft capital control risk with bitcoin which is already well and alive with banks, not talking about them going for the kill either, but in the form of, they charge you a lot for high amount wires, deny it to xyz country for whatever reason, ask that much in docs that it amounts to an unpaid workweek, let the transaction send and be denied by the obscure interbank maze, it returning -1% fee etc etc).

 

[jafo]

Plus you don't have to face soft capital control risk with bitcoin which is already well and alive with banks, not talking about them going for the kill either, but in the form of, they charge you a lot for high amount wires, deny it to xyz country for whatever reason, ask that much in docs that it amounts to an unpaid workweek, let the transaction send and be denied by the obscure interbank maze, it returning -1% fee etc etc).

This! This is by far the most insidious! This is the boiling frog! I know people who went from riches to rags because of banks, accountants, lawyers, public servants, etc., all working in unison to ruin the guy's business on behalf of their "slave masters." The guy REFUSED to pay bribes, so they took him out using patent trolls!

This company: Fast Database Application Development | Iron Speed Designer

Here are the owner's pleadings: Sunk by 'patent troll': Iron Speed director asks 'anyone want to buy us?'

PS. He could have returned to Russia and told everyone to go f*ck themselves, but he chose poverty in the West over opulence in Russia.

PSS. To this day, I use this software religiously! It's such a time-saver! It's just amazing! I can develop a full-blown web app in less than one hour...IBM once gave me a quote for $2.7M and 2 years (I just got their quote to wet their beaks...and have them drool over a "sucker." I still get emails from IBM to this day...I got the quote in 2014)

 

[JosephLL]

https://twitter.com/x/status/1812086942349041719

Someone just HFSPed the bundesregierung

 

[jafo]

Well, Germany STOLE those Bitcoins! They NEVER bought any! I still don't understand why people would hand over their private keys! F*ck those parasites!

 

[Tetiana]

@jafo the fact that you run your business in crypto arouse my interest. Do you use any service to receive business payments in crypto?

 

[JackAlabama]

@jafo the fact that you run your business in crypto arouse my interest. Do you use any service to receive business payments in crypto?

the kicker here is to not need a third party.
Needing a third party makes you dependent on them if they want to play you dirty for whatever reason (justified or not).
Handling it all yourself is very easy and does not need much tech skills.
If you run more sophisticated operations and needs you still can do it all yourself with e.g. this nice piece of software here: BTCPay Server

 

[void]

Needing a third party makes you dependent on them if they want to play you dirty for whatever reason (justified or not).

I agree and would only add that dependency itself is nothing bad and unusual - the key is to be able to freely choose what/who you will depend on and your options must come from the unregulated market

 

[Marshal]

Funny, we must live in a parallel universe.

I thought everyone is waiting for 250K and cashing out then, instead of doing small sums of $1000 today, at 57K (and losing additionally 8% commission at that crypto ATM you mentioned, so basically selling BTC for 52K.)

That doesn't seem very smart to me, but it makes me understand why poor people wear brands to show off and can't look into the future, and millionaires are driving old Toyota's, while investing for the future instead.

I sell the assets that I obtained at the lesser price. I don't just keep crypto for the sake of it, I sell it when I see I have made the profit. Investing everything in BTC and not enjoying your life today with the hope of more gains in the future is not something I am prepared to do. What's the point of having a fortune and driving an old car? I'm not saying one should spend his/her millions at once, that's foolish, but don't forget to live today, to enjoy your life, whilst you can still enjoy your money, not when are you an old man. I'm not here to teach anyone, but until there's a cure your money can't make you younger. And don't take me wrong I'm more than anyone else understand how important is financial planning.

As to crypto ATMs it was just an example. The easiest way to cash out crypto anonymously without worrying about taxes. There are of course more ways to sell cryptos discretely and with lower fees, but that's not what my post was about lol

Number go up + fomo

Numbers go up - that's also why I'm in

 

[cryptofriendly]

I sell the assets that I obtained at the lesser price. I don't just keep crypto for the sake of it, I sell it when I see I have made the profit. Investing everything in BTC and not enjoying your life today with the hope of more gains in the future is not something I am prepared to do. What's the point of having a fortune and driving an old car? I'm not saying one should spend his/her millions at once, that's foolish, but don't forget to live today, to enjoy your life, whilst you can still enjoy your money, not when are you an old man. I'm not here to teach anyone, but until there's a cure your money can't make you younger. And don't take me wrong I'm more than anyone else understand how important is financial planning.

As to crypto ATMs it was just an example. The easiest way to cash out crypto anonymously without worrying about taxes. There are of course more ways to sell cryptos discretely and with lower fees, but that's not what my post was about lol


Numbers go up - that's also why I'm in

May I ask how old you are? You sound like you are in the late teens, without much experience or knowledge, still in the belief that consumer goods will make you happy, while they are just liabilities and just good for a short dopamine rush. Happiness comes from within, I'd prefer a cheap $6 bottle of red wine with someone I treasure, than a glass of champagne in the executive suite at Hilton by myself.

Delayed gratification is the key to wealth, people who don't understand this principle end up drowning in credit card debts, while driving their Tesla or some overpriced SUV (not realizing that no one cares about the owner, people only look at the car) and getting pay day loans for the last days of the month.

Cashing out at crypto ATMs must be the most stupid thing ever, as there are countless other options (crypto->cash in person in Bulgaria, Poland, Turkey, Georgia, etc) and P2P with less than 1% in fees, and more anonymous for regulators than that cam equipped ATM.

The true meaning of money nowadays is freedom. Freedom to live for yourself, do what you want, and not to care what others think. It's called 'f**k YOU MONEY'.

Do you know why Warren Buffet bought a 10 year old second hand Cadillac with hail damage? Because he doesn't give a f**k what other people think or do.

https://finance.yahoo.com/news/warren-buffett-drives-10-old-163017081.html?guccounter=1

 

[Tetiana]

If you run more sophisticated operations and needs you still can do it all yourself with e.g. this nice piece of software here: BTCPay Server

Thanks, I don't know if you would call it "sophisticated operation" but i need something that sends an API call upon payment received.

Would I be able to do that with BTCPay Server?

If not can you suggest a reliable service?

 

[JackAlabama]

Thanks, I don't know if you would call it "sophisticated operation" but i need something that sends an API call upon payment received.

Would I be able to do that with BTCPay Server?

yes, that's totally doable. You can make these in a secure way to avoid them getting spoofed as well. Its even coin agnostic and you can make api calls depending on the payment status (which can be defined/customized by yourself as well).

 

[Marshal]

May I ask how old you are? You sound like you are in the late teens, without much experience or knowledge, still in the belief that consumer goods will make you happy, while they are just liabilities and just good for a short dopamine rush. Happiness comes from within, I'd prefer a cheap $6 bottle of red wine with someone I treasure, than a glass of champagne in the executive suite at Hilton by myself.

Delayed gratification is the key to wealth, people who don't understand this principle end up drowning in credit card debts, while driving their Tesla or some overpriced SUV (not realizing that no one cares about the owner, people only look at the car) and getting pay day loans for the last days of the month.

I know people like you and I wish you well No point in continuing this discussion.

 

[jafo]

May I ask how old you are? You sound like you are in the late teens, without much experience or knowledge, still in the belief that consumer goods will make you happy, while they are just liabilities and just good for a short dopamine rush. Happiness comes from within, I'd prefer a cheap $6 bottle of red wine with someone I treasure, than a glass of champagne in the executive suite at Hilton by myself.

Delayed gratification is the key to wealth, people who don't understand this principle end up drowning in credit card debts, while driving their Tesla or some overpriced SUV (not realizing that no one cares about the owner, people only look at the car) and getting pay day loans for the last days of the month.

Cashing out at crypto ATMs must be the most stupid thing ever, as there are countless other options (crypto->cash in person in Bulgaria, Poland, Turkey, Georgia, etc) and P2P with less than 1% in fees, and more anonymous for regulators than that cam equipped ATM.

The true meaning of money nowadays is freedom. Freedom to live for yourself, do what you want, and not to care what others think. It's called 'f**k YOU MONEY'.

Do you know why Warren Buffet bought a 10 year old second hand Cadillac with hail damage? Because he doesn't give a f**k what other people think or do.

https://finance.yahoo.com/news/warren-buffett-drives-10-old-163017081.html?guccounter=1

@cryptofriendly as a person who has helped me enormously on this forum, I would like to extend my gratitude by sharing the following age-old wisdom with you:

Don't even waste your time. Some people are condemned to a life of poverty and ignorance.

I find it much more fun to nudge them into the abyss and OUT of our way!

Now the Wisdom of my Centenarian mother (may she RIP):
Funny but true story...
When my mom discovered that the son of my Godmother was "gay" (this was in 1979 - so nobody come at me about my mom being homophobic. Back then, everyone was homophobic ), she embarked on a quest to gather all the other parishioners, and they did a weekly prayer to try to get X (his name starts with an X) to "ungay or degay."
Needless to say, my mom recently passed away, and even after more than 4 decades of individual daily prayer and group weekly prayer, X is STILL gay AF and NOW he is PROUD of it, too.

What I am trying to convey is that it would be an easier and better use of our time if you and I continue my mom's Sisyphean prayers to "ungay or degay" X than to try to denature the "material indoctrination" of those who enjoy their "chains."

Peace, brother!

PS. I'm ALL out of prayers...in case I wasn't clear.