/biz/ - Business & Finance

>>17710177
turns out this shit ain't a store of value and nobody wants to adopt it to do transactions because it takes 15 minutes for the blockchain to process

get fucked get fucked get fucked

>>17710177
BTC was supposed to be currency
good thing we have BCH

BTC is digital gold you hodl it
stack satoshies 400k soon

>>17710177
currently everyone is exiting into cash, but if it is going to look promising enough once this is done, a lot of this cash could enter en masse

>>17710177
1 month

>>17710198
>10 minutes vs.
>multiple day bank transfers
that is, if you don't get flagged

bitcoin movement is unrelated to anything other than what happens in the mining process and the exchanges
DB can liquidate the company tomorrow and it doesn't affect anything in crypto

>>17710244
Then is the dumping of this past week pretty much perfectly correlated with the stock market?

>>17710240
CC with contactless takes 1 second

>>17710240
I was mostly referring to actually using it as a currency to purchase things

it doesn't take 15 minutes to confirm a purchase at the fuckin' gas station with a debit card

Who told you that? BTC is supposed to be p2p electronic cash, read the whitepaper

>>17710244
Corona and trad markets crashing is clearly dumping crypto you delusional fool. Even with the ridiculous CME gap above us, we were pushed below the historical trendline on today’s market performance and WHO declaration.

>>17710177
>What the fuck happened?
Jews, unironically

>>17710263
There’s also a 3% fee with every transaction retard. So if you pay $1000 for something with your card, visa is charging $30 for that.

>>17710177
Does not gold and silver also dump? It’s shortly after the recession is when the hedges against the recession start to moon

>>17710279
It takes weeks to get settled, but yes confirmation is fast

>>17710334
VISA charges the supplier, not the buyer

the price of credit card charges is divided across both credit card users and non-users and is essentially invisible to most people

>>17710334
the price for cash and credit is the same at the checkout

>>17710177
It's not, the only hedge is gold.
Crypto is penny stocks 2.0

>>17710177
It’s a Ponzi.

>>17710263
www.coinbase.com/card

>>17710376
It’s priced into the cost of every product you buy. It’s also not priced into larger transactions like rent and utilities. Notice how you get charged an extra 3% fee if you use a credit or debit card to pay for those things.

>>17710413
KYC
fuck BTC
crypto is about money laundering and BTC is dead

>>17710279
https://www.coinbase.com/card

>>17710376
Mega retard alert. The supplier raises costs of product to compensate for credit card transaction fee.

>>17710177
Because all of it, including other crypto turned out to be one big massive pump and dump scam.
Nothing of value was made with crypto, up until this day not a single crypto currency achieved working standards.

>>17710431
you made me check
that is not true
down to the cent it is the price it say it is

>>17710468
handling cash has cost too retard
it is not free

>>17710506
So do you think retailers magically generate the money to pay visa and mastercard out of thin air?

It's still above $3000 why you niggas cryin. I bought some BTC at $6k and I don't even care if it dumps below that, it will go up again.

>>17710535
no, it is just cost of business
cash does have some risk, fake bills, getting robbed etc

>>17710177
The stock market crash is being used as a way to distract people from the BTC halving. By the time the panic is over, it will be too late for average people to buy in as the crypto bull market will be in full swing by then.

>>17710595
imagine if you can
who the fuck will pay 100k for a coin

>>17710177
The tech is not there yet for any cryptocurrency to be usable and accessible to money-holding boomers. As a result, they are still speculative assets and prone to the same price behavior as the rest of those.

>>17710527
Except it’s 3% less then if you were to use a creditcard. That’s why merchants always prefer cash. They get more money when you pay in cash

>>17710579
Right, so the argument that bitcoin doesn’t reduce the costs of transferring money between people completely falls apart.

>>17710545
You are gonna make it

>>17710616
Keep coping

>>17710637
if you could use 1 satoshi to move BTC, it would be plasuable
but to move any BTC you need like 0.001, so the smallest effective denomination of BTC is not the satoshi but the minimum TX fee

and if BTC is used that fee will go up so it becomes unusable

it can go up because the exchanges use as unit of account (to be replaced entirely by fiat pairs, check your kraken email) and since it is all in the internal exchange system BTC is good for that

>>17710695
actually unironically you are coping

>>17710695
you fucking retard, bubble is bursting we going to sub 1k you absolute mongoloid

>>17710177
It was never a hedge against a recession. It was created to be the opposite of a central bank. To make money peer to peer, not peer to bank. Decentralization is all about not having a center party in control.

Thing is Bitcoin has been around for over 10 years and it still hasn't established itself as an everyday payment system. Who is using Bitcoin for all their purchases? I see no one spending Bitcoin like electronic cash. It's being hoarded and the hope is that it keeps going up.

>>17710177
Bitcoin is a speculative asset, during downturns risk aversion increases and people people go to safeheavens. Of course crypto would do horrible during periods like these. Only deluded redditfags would think bitcoin is digital gold or anything of that sort.

>>17710177
>was supposed to be
why? because you heard a shitton of coiners telling you that it is? even thought bitcoin has seen zero recessions in his lifetime? eat shit coiner scum and enjoy the ride to triple digit btc

>>17710853
Damn you guys get really aggressive and smug when the price goes down huh

Bitcoin is fucking magical internet money dude

It's literally made of air. It's nothing.

>>17710921
You guys trick people into hodling.

>>17710177
Confidence oscillates between the public and private sectors. Bitcoin is on the extreme end of private assets. Everyone is rushing into dollars and bonds (public).

The apocalypse happened. Everything will go to shit in the coming months. Why does this shit has to happen when I finally got my shit in order? Got an apartment, a cutie 3.14 gf, a good job, and I even made money on the 2020 "bull run". And now I will lose it all. I'm scared lads.

>>17710468
>>17710431
This. You can tell someone has no retail business experience.

>>17710745
this. bulltard are the most pathetic group of people that have ever existed. reeks of desperation and depression. back to the wage cage, cuckslords

Nobody can escape the power of BOBO not even crypto

>>17710783
>Who is using Bitcoin for all their purchases?
Who is using gold?

>>17711074
india
take a look at the image

Only wishful thinking idiots who drank their own koolaid have been calling it a hedge against anything.
It's a volatile speculative get rich quick scheme, not some god damn precious metal.
Just get what you can out of it and be happy with the profits.

>>17710616
Whales will buy it from themselves to make you think its in demand at that price, like theyve been doing for any other "bull run"

are you guys watching this? BTC is recovering

>>17710177
Patience.
Governments haven't even started the bailouts yet.
When they do moon mission will be a go.

>>17711179
yes we know that
price also drops to bait liquidity too

but, in the end, it doesn't even matter, because BTC has a mining fee that the whales have to pay everyday

and that is why the halvening is a massive meme

>price in not influenced by the market
>but it is influenced by the miners who can’t mine more if the real market is down and can’t keep up making more digital money

Yeah, I’m leaving this shit on the next halving

>>17711203
but for how long. Are we gonna go below 7k or not jeez

>>17711203
It's down 11% in the last 7 days and 21% in the last month.

>>17710727
Bullish for nano

>>17711319
all proof of stake systems are a meme
never ever gonna make it at all

>>17710177
>stock market is tanking, lets lower our risk by buying bitcoin instead!
said no one ever

>markets everywhere crashing
>BTC goes up
>media starts reporting that BTC is betraying the market
>normies start flocking to BTC just like they did in early 2017
>BTC breaks 50k ezpz

>>17711544
*late 2017

>>17711544
except they wont do that, bc it wouldnt be in the interest of (((financial institutions)))

>>17710177
This Is, was and always will be a meme

>>17711616
m8 BTC was plastered all over the news on that run up to 20k. everyone and their dog heard that it was mooning.

>>17711203
lmao
you call that a recovery?
that's the equivalent of a corpse passing wind, not a sign of life, buddy

>>17711657
> everyone and their dog heard that it was mooning.
It won’t

>>17711657
they literally couldnt hide it anymore. but they wont hype it up from 7k, you can be sure of that.

>>17710595
BTC crashed on the date of the last halvening. Zoom in.

whats the goddamn bottom on btc? Will it keep going down if corona situation gets worse?

>>17710755
Why arent you shorting it then?

>>17712373

Sentiment >>>>>> everything

If whales are dumping in global stock markets, then it's only a matter of time before they dump BTC.

>>17710334
i don’t fucking pay that lol the kike merchant does

Coins with much better tech will overtake BTC eventually. Just a lot of dumb boomer money in it right now.

>>17710493
unironically chainlink and ethereum are the only two that matter

>>17710177
said noone
in recessions cash is king

>>17710325
wait until the first bank defaults
also, most btc is held by a small minority
they can artificially pump the price once the time is right

>>17714622
want to bet it will be an italian bank?

>>17714634
could be, but since the financial market is totally retarded, it could be even a bank on the other side of the planet defaults due to what happens in italy

if Corna strikes hard here is what is going to happen;

- businesses under have economic stress and on the brink of collapse
- government printing helicopter money and financially supporting businesses
- our current financial system is a debt bubble so these actions only can go so far
- entire financial system on brink of collapse, governments will start to print more money = hyperinflation
- so where to put money now? money devalues rapidly, only two classes of assets remain; precious metals and crypto
- crypto will boom, old cash system will doom, this is earth's way of evolution, replacing the boomer economy with a decentralized economy, this is how God wants it

>>17710177
>>17703438

>>17710177
>Bitcoin is a hedge against people needing to liquidate their assets to pay off their debt
Who said this? Bitcoin is meant for buying drugs and speculation.

>>17714996
bitcoin is a means to transfer wealth from the boomer to the doomer

>>17710636
Thats why they will actively begin to take crypto. With cheaper transaction costs they can lower prices. Companys that dont adopt will be over

>>17710177
>hedge against the recession

bitcoin is actually a hedge against the next depression. Wait for it...

>>17714869
Based

>>17710755
This. Just post the shorts and the pain will end.

>>17710177
got subverted into a commodity and it's too expensive and slow for everyday use

>>17710177

Retrace to 6200 dollars was predicted like 5 months ago as one of the possible scenarios for the accumulation zone. We're perfectly fine. If people panic sell due to corona, that's even better because I'm getting free coins.

>>17710279

Yeah well north korea disagrees with you and bought 600 million worth of various top coins. No sanctions can stop bitcoin you see.

>>17710755

Checked for cheap btc.

>>17714634

Chinese banks have been dropping like their coofing citizens but so far chicoms keep bailing them out.

>>17710177
lol it is a safe hedge, truth is it's fucking god-tier that it hasn't dumped. If people were panic selling BTC it would be under 5k right now, but they aren't panic selling. You're seeing small coordinated dips at specific times. BTC will pump over the coming months imo

>>17710259
With the stock market action or with people trying to get some liquidity? Assets are sold in hard times.
Not saying btc/crypto isn't speculative, not saying it isn't. It's hard to tell.

>>17710783
my friend buys and sells using BTC. Back in 2018 he used BTC to buy a plane ticket to Japan

NOOOO BITCOIN WAS CREATED TO WITHSTAND GLOBAL CRASHES YOU CAN'T JUST CRASH LIKE EVERYTHING ELSE NOOO

>>17711544
>>17711616

The biggest problem is gov't regulations and players like Coinbase which make buying Bitcoin or other cryptos significantly more difficult and time consuming than it was back in 2017 and before.

Back then you could just buy crypto and immediately send it to whatever exchange. I think maybe you had to submit an ID to coinbase but it was just a simple precaution.

Now you have to give them your ID, and your address and I think even your SSN#. In addition, if you use ACH withdrawal from your bank it takes 7 days til you can trade with it on coinbase. If you use your debit card, you get the cryptocurrency immediately (For a higher fee) but you can't send it to another exchange for 72 hours.

The only way to bypass the 72 hour hold is to submit two high quality photos of your driver's license (front and back) as well as to take a webcam photo of yourself. Once you do this you're identity will be authorized in about 10 minutes and you can freely send crypto to another wallet. But you have to do this every. single.time.

I just imagine that'll freak most normies out and they'll decide not to do it

>>17715953
and cuckbase reports you to the IRS automatically

>>17716016
yeah but you only have to pay taxes if you sell, right? Like, the IRS gets their cut of taxes from coinbase when you purchase, right? That has been my understanding. Personally I'm buying now and planning to hold for a while so I don't care about the IRS.

Plus, how can they prove you didn't lose your crypto. You could have a million in BTC and just tell the IRS , "Yeah I tried to transfer it to another wallet but I typed on character wrong and accidentally lost all my money" - how would they be able to prove you didn't do that?

>>17716070
I don't have to pay anything if I sell, you don't have to either you just choose to
problem is BTC is not money, because it is not fungible
all your transactions downstream can be mapped out

>>17710177
Mining. Wastes. Energy.

Sell now, BTC is crap. Nothing to see here.

>>17716134
>I don't have to pay anything if I sell, you don't have to either you just choose to

well I've never cashed out so I've never calculated taxes. I know technically you're supposed to pay for each buy/sell transaction even altcoins but I don't see how that can be enforced. Even when I go on binance and look at my trade history, they are missing a lot of trades (thanks Binance!).

IMO the only danger in paying taxes is if you use something like coinbase to cash out to a bank account. I figure whenever I want to cash out (if I even do...btc and cryptos may simply become a more solid investment than cash if we have hyperinflation)

this dip is pretty tame tho
a recession is undeniable at this point, and people will be cashing out... for cash, of course

but we can see that this isn't going away and if you're an opportunist I wouldn't wait too long to begin to DCA

>>17716388
>I know technically you're supposed to pay for each buy/sell transaction even altcoins but I don't see how that can be enforced.
At the end of the day it's how much gains or losses you have, but if you have a high volume of trades, they want to see it on a 1099. Coinbase sends a 1099 for high-worth accounts but obviously with binance you won't have to worry about anything like that just yet. It will happen though

>>17715718
He used bitpay. The transaction was settled in cash.

>>17710987
and it's all because you didn't let your gf get blacked

>>17710177
>hedge against the recession
No one said that
its a hedge against the banks

>>17710177
Bitcoin is literally the most speculative asset to exist in history. People who believe that the pleb class will flock to crypto when shelves are empty and they can't hire somebody to fix their computer because of COVID are genuinely retarded

>>17710177
Selling to meet margin calls.

>>17713080
It's baked in the price brainlet

>BTC IS ONLY UP 100% YOY COMPARED TO THE STOCK MARKET WHICH IS NOW DOWN 6% YOY WHY THE FUCK IS BITCOIN CRASHING NOT MY HECKIN COINARINOOS!!!!!

>>17710177
>people sell assetts when they're over-leveraged & have bills to pay in a recession.
bitcoin is a hedge against currency inflation & reckless monetary policy, not a recession, shit FUD

Because the real hedge is CRYPTOSOUL

>>17710348
This. The weak hands panic sell while the smart money holds on and then buys in. People demonstrably get rich off of recessions for a reason and it's because patience is a virtue.

>>17710545
Same here. I am only a year in and I keep track of my principal so I know for a fact that I'm still at a net profit. Never. Selling.

It's not a hedge against a recession, it's a hedge against inflation.

>>17710783
Bitcoin is a deflationary asset. Investors are inherently encouraged to buy and hold it rather than spend it. The only way that it will be spent is if it was a stablecoin.

>>17719210
so what, even if Bitcoin dips this doesn't mean crypto as a whole will. Bitcoin is dumping right now but there are plenty of altcoins that are doing quite well. I am not worried

>>17718973
the true chad portfolio, doesnt care about crashes or bullruns because you have what $80 bucks in each crypto...
woo LINK's mooning i've made 20 bucks

>>17719273
1) BTC isn't Bitcoin
2) BTC won't "dip", it's going to plummet to zero because it's a dysfunctional shitcoin
3) there will ultimately only be one ledger, and that is the most simple, stable, secure, and scalable one, which is Bitcoin

>>17719210
thinks HODLing in dead wallets is bad & ""business velocity"" is good
bitcoin isnt cash retard it's a savings vehicle. dead wallets reduce supply, driving price up.

>>17719336
>bitcoin isnt cash
>Bitcoin: A Peer-to-Peer Electronic Cash System