You shouldn't be resentful. Given your reasoning and thinking you would have never ever became a multi millionaire holding Bitcoin. Hodling Bitcoin is equivalent to not selling Bitcoin. You constantly have to decide if holding on to your Bitcoin is worth more than doing other stuff with it. You clearly would not have withstood the urge to sell at tons of times in Bitcoin's history.

Agree. You shouldn't be resentful. It's possible that the world of the movie, "Idiocracy", is playing out in real time since the introduction of social media and the Internet.

GameStop stock is still trading over $200. Next year I can only hope I'm able to find the top lawyer in town at my local Costco. You cannot argue who is right or wrong but yep, you'd be much wealthier right now in $ if you bought into earlier and sold bitcoin at a certain date in time later.

Social media and the Internet has opened up all sorts of opportunities to bet on or against the stupidest people in the world that previously were unavailable to bet on or against for the most part. I'm not saying bitcoin doesn't have a future but it certainly falls under that get rich quick, make alot of money from nothing, sort of narrative that has done so well for the scammers over the course of history.

"And yet, bitcoin lives on."
IMF

Hard to tell. Things happen very quickly when they do. It's possible it could be <5 years. It might be 20+.

I do expect the government to continue if not accelerate the money printing.

I don't expect the USD to survive 50 years in its current form.

Bitcoin has a lot to grow up. I do hope the USD can survive long enough to allow a smooth transition for the ecosystem to grow up enough. In the end, I do expect regular people to use BTC like regular people use fedwire, but with the ability for anyone who wants access to do so.

I think it is likely 10 years and highly probable in the next 20 years that Bitcoin will crash and burn. The problem is there is nothing of value a bitcoin represents, it is only worth what someone will pay for it(and the average person is an idiot).

While the US dollar is no longer backed by gold, it is still arguably backed by oil, aka the petrodollar.

I would take that bet, but it is futile as the dollar will not crash to nothing in our lifetime. Bitcoin most certainly will.

Another downside of the bitcoin is all transaction fees now associated with it. Originally it was a great concept and used to avoid fees we face in moving currency. Now Bitcoin's transaction fees are much greater than typical bank fees.

Have you paid attention to anything in the last 4 years?

Did you know you can pay on chain transactions for 10 cents today?

Fwiw , you don’t need the US dollar to reach 0 to be in serious trouble …
Not forgetting the US dollar in the last 90 years as been debased twice already .

People freak up about 20% downside in the stock market .
I would freak way more if I would see my currency be debased at a minimum of 20% .
At least the stock market is only the stock market ….

When the dollar falls so does bitcoin....look at the correlation throughout the history of bitcoin. If the dollar crashes bitcoin will crash too.

Well that’s the bet on bitcoin right ?
Will see .

When the dollar falls , gold break up the ceiling .
Will see if bitcoin do the same .

But the point remains , the US dollar do not need to reach 0 to have massive problems.

Bitcoin fell multiple time 80% crash and always rebounded higher .
I’m not sure if the US dollar would fall 80% it would bounce back .

Speaking of fees, have you ever used bitcoin? Because you sound like you don't have any real first hand experience of high the fees are. Because they're generally not high at all. The price of bitcoin might somehow be lower in the next 20 years but it's not going to crash to zero. Time will prove you wrong.

USD is not backed by oil, its propped up by oil. Big difference. And when our government constantly waters it down does it really matter? So what if you have to buy oil from OPEC in dollars?

Someome moves half a billion dollars for 9$

Try moving half a billion of gold omegalul

HFSP

Have you seen the threads on here where folks are being paid out in bitcoin?

Sure the fees are tiny in huge transactions, but what I've seen on here the fees are a bit high when someone cashed out their poker winnings for say $1k in bitcoin.

Why would anyone move that amount in gold instead using fiat.
Beside central bank and some of the biggest banks in the world , who would anyway .
It’s a useless point .

But yes, to me that is one of the main value of bitcoin .
Transferring large amount of real money on long distance without a third party .

It currently costs 78 cents to send a transaction in one block.

So you don't use it. You aren't really sure what you are talking about or what the fees actually are and your information is mostly based on some poker transactions you have read about by others. It is always great to have people like you offering such wisdom and insight in this thread.

Funnily enough I just deposited 1k onto a poker site today and it cost $0.46 in fees. Big whoop.

There are better cryptos for sending and receiving money. For example stellar lumens costs a fraction of a penny to send and confirms within 6 seconds. Bitcoin fees are higher and it's better as a store of value than an actual currency. For a $20 transaction bitcoin is not optimal.

when was your last bitcoin transaction my dude?

In the meanwhile I moved $50 in eth for $90.

It costs $400,000 to convert half a billion of bitcoin to US$ at market price on Coinbase Pro. It cost $50 to do so for $10,000 and $175 fee for $50,000. Fees are outrageous. https://help.coinbase.com/en/pro/tra...-and-fees/fees

You're complaining about exchange fees. Everyone else is talking about miner fees. At the time of this post it costs 7 cents to send any amount of bitcoin on-chain.

Highest fee is 0.5% and this what your getting upset about? ngmi

It costs <100k on a half billion order if you set a limit price though. That's less than 2 cents per 100 dollars.

And don't forgot the 20% fee they charge to cash out.

Damn, are we back under $30k?

False. You should read your own link. If you trade more than $500 million on a 30 day rolling average you pay 0.0% maker fees on any amount over $500million.

For us non-billionaires, just trading 50k+ on a 30 day rolling average brings the taker fee down to 0.25% and the maker fee down to 0.15%

You beat me to it. Thanks for saving me the trouble of tracking down his old posts.

RedOak: I sold some crypto on Binance US 2 weeks ago. Their transaction fees are 0.1%, and you can reduce that to 0.075% if you elect to pay your transaction fees in BNB. So I can sell $10,000 worth of crypto (i.e., convert it to US$) for the whopping sum of $7.50. I then withdrew/transferred US$ to my TradFi savings account for free.

(And not that either of us has half a billion in crypto to sell, but if your 30-day trade volume on Binance US exceeds $10 million, your maker fees will be 0%. See https://www.binance.us/en/fee/schedule.)

I fear you're missing the big picture here. You may have made some costly missteps with your own foray into crypto, but that doesn't mean the rest of us are.