What's the breaking point for Bitcoin?

[RiverRat1]

It was down under 30k today.

People starting to say it's going to be worthless yet? Seems like when it's rising it's all fun in the sun and going to 1 million. Starts down and it's worth zero.

People giving up and dumping yet or buying?

[Burntorange Bowhunter]

Clearly you don't get it.

Sent from my SM-G973U using Tapatalk

[AntlerCollector]

Keep thinking of a better “breaking point” thread to start. This wasn’t it.

[flywise]

Are there people buying private jets and beach houses with it yet?

[3rdCoastHunter]

Originally Posted by flywise

Are there people buying private jets and beach houses with it yet?

Yes there are - there has been.

[CTR0022]

All of crypto is plummeting.... I don't have much in it, and its a long term, like 10 year, hold for me.

[elgato]

I'm about to buy more bitcoin

[Playa]

Crypto isn’t going anywhere, the play right now is to determine which crypto will be left standing

[SharpEnd]

BTC moving in tandem with the S&P the past couple of months (or more). It bounced to 32k overnight, stock market poised for a bounce on open this morning. I still think there is a lot of downside before we see a return to bull market. Will be jumping in at some point, but not yet.

[HoustonHunter94]

I got into crypto in 2017. I have stayed away from the all but the main players and am still way up. I buy a little each month no matter what, just like my normal portfolio. Everything is a 10-15yr hold for me.

[jshouse]

Originally Posted by flywise

Are there people buying private jets and beach houses with it yet?

its up 400% in the last 2 years and roughly 2500% in the last 5 years, somebody has made some money off of it.

[WItoTX]

Originally Posted by flywise

Are there people buying private jets and beach houses with it yet?

An acquaintance has bought several cars and effectively retired off bitcoin. How much of this is true? I mean I can only take him at his word, but I have no reason to doubt him.

[Kong]

We bought into Bitcoin in 2014 and have done extremely well, I rolled more into it yesterday with the money made off it. We’ve added over 1200 acres off profits from it so I have zero complaints and we have a bunch left in place for the long haul road results. Love it or hate it but a lot of people have cashed in from it.

[RiverRat1]

Originally Posted by AntlerCollector

Keep thinking of a better “breaking point” thread to start. This wasn’t it.

ok, will do. Any ideas?

Originally Posted by Playa

Crypto isn’t going anywhere, the play right now is to determine which crypto will be left standing

Someone told me that would be XRP

[Man]

Originally Posted by flywise

Are there people buying private jets and beach houses with it yet?

Ive never touched the stuff but I know someone who bought a Lamborghini with it. (the profits from it....not actually with the coin itself)

[WRasco]

Dang it, I missed the low point again...

[jshouse]

Originally Posted by WRasco

Dang it, I missed the low point again...

check again

[RiverRat1]

LUNA coin went from well over $100 and straight down to under $1

This is not good for any cryptos. May buy the fear if things tank 25% from here

[CTR0022]

I thought crypto was suppose to be an inflation hedge. Lol, not looking good

[SharpEnd]

Originally Posted by CTR0022

I thought crypto was suppose to be an inflation hedge. Lol, not looking good

BTC has been way too much in lock-step with the S&P this year. The "institutional investor adoption" meme is more likely reality and they are selling to reduce risk. Still has quite a bit of downside to go, unfortunately. Ultimate bottom should be around 22k, hopefully it won't go that far, but it would be nice to catch a sweep of that low.

[HTXTundra]

Originally Posted by SharpEnd

BTC has been way too much in lock-step with the S&P this year. The "institutional investor adoption" meme is more likely reality and they are selling to reduce risk. Still has quite a bit of downside to go, unfortunately. Ultimate bottom should be around 22k, hopefully it won't go that far, but it would be nice to catch a sweep of that low.

Facts!

Everything is running like the S&P / SPY. Just need to be PAYtient and start scaling in, buying the the dip, averaging down.

There are too many variables affecting the market right now. Lots of fear and negativity.

[BigL]

I never suggest this with stocks because I can trade technicals but with crypto, dollar cost averaging into it while it's down seems like a good strategy.

Just like stocks though, "the time to buy is when there's blood in the streets." That time could be now.

[okrattler]

What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.

[HTXTundra]

Originally Posted by BigL

I never suggest this with stocks because I can trade technicals but with crypto, dollar cost averaging into it while it's down seems like a good strategy.

Just like stocks though, "the time to buy is when there's blood in the streets." That time could be now.

100%
Right now a lot of stocks are on sale (black Friday).

[RiverRat1]

Originally Posted by okrattler

What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.

Looks like your breaking point is reading too many breaking point threads

[elgato]

Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting

[Pedernal]

Originally Posted by elgato

Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting

Very interesting indeed thank you for sharing! I am still not sure I totally understand how all the crypto currency thing works but always interested in reading real world examples of how some folks are making money.

[Mitchell8]

For 21500 a coin mining ill start digging in my back yard to look for them coins. Anyone know what one looks like?

[HogHunter34]

Originally Posted by HTXTundra

Facts!

Everything is running like the S&P / SPY. Just need to be PAYtient and start scaling in, buying the the dip, averaging down.

There are too many variables affecting the market right now. Lots of fear and negativity.

Not everything
While the equities market is going down in value,
Many things are going up in value….vehicles, housing, gas, groceries, plumbing, electrical, etc…

[HogHunter34]

Forgot to add insurance premiums & property taxes too
Quite ridiculous

[Graysonhogs]

Originally Posted by okrattler

What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.

Sounds like this thread was yours.
Calm down, you're scaring the kids.

[Playa]

Originally Posted by elgato

Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting

Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.

[RiverRat1]

Originally Posted by Playa

Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.

I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.

[SharpEnd]

The code only allows for mining of 21M coins. That's it. It is hard-coded in.
Are companies (exchanges, platforms, etc) floating more than that? Maybe likely.
But as far as the actual blockchain, there cannot be any more than 21M.

[IvoryRoot]

Originally Posted by RiverRat1

Looks like your breaking point is reading too many breaking point threads

Someone get okrattler a cold one.

[wes122984]

Originally Posted by RiverRat1

I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.

FYI I do think Robinhood just now finally enabled crypto withdraws/transfers. Got an email about it from them a few days ago.

[Neuse]

What is the best way to purchase Bitcoin?
The best crpyto wallet?

[SharpEnd]

Originally Posted by Neuse

What is the best way to purchase Bitcoin?
The best crpyto wallet?

I like Gemini, but Coinbase is fine as well.

Numerous choices for wallets, depends on whether you want software or hardware, desktop or mobile, etc.
Here's a good resource for info, from a bitcoin dev:
https://lopp.net/bitcoin-information...d-wallets.html

[Neuse]

Thank you sir, that is a lot of info in that website.
Is it safe to trust what they are posting?

[SharpEnd]

Yes

[SharpEnd]

He is a very well respected bitcoin developer and online privacy / security expert. I trust his info, recommendations, and definitely check to make sure that the links are going to the right place but the products/services are all solid.