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Wow. Bitcoin is almost $1,500

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ultimatebob

Lifer
Jul 1, 2001
22,870
1,113
126
Apparently, the John McAffe said that if Bitcoin didn't hit $500,000 by 2020, he would eat his dick on national television.

Things aren't looking good for John McAffe's bet right now.
 
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ultimatebob

Lifer
Jul 1, 2001
22,870
1,113
126
On a semi-related note, Nimiq (a small cryptocurrency startup I was interested in a few years ago) is finally worth more than a penny each. They were worth as little as 1/20th of a penny just a few months ago. Maybe I shouldn't have bought that t-shirt with 10,000 of them?

Coolcoin (on the other hand) still holds steady at the exchange rate of 1,000 Coolcoin to 1 space kitty t-shirt. It's proven to be shockingly stable investment :)
 
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njdevilsfan87

Golden Member
Apr 19, 2007
1,953
57
91
Crypto has been on a tear lately. Ethereum is at its highest price in nearly 2 years ($390/ETH). It's definitely been leading this run, but this is the most bullish I've seen the crypto market in a while: almost everything has been following. The momentum has definitely shifted.
 

ponyo

Lifer
Feb 14, 2002
17,954
1,627
126
Cryptos like Bitcoin and Ethereum are definitely here to stay. Even the biggest bears and doubters have to admit defeat and acknowledge cryptos as legit asset class going forward.
 

ultimatebob

Lifer
Jul 1, 2001
22,870
1,113
126
Some quick updates:

The price of Nimiq went back down to less than half a penny each again. Perhaps I should have sold what I had left while the price was above a penny?

McAfee now has just three months for Bitcoin for reach a million dollars before he has to pay up on his bet :) It's hovering around $10,000 now, so it's still not looking that good for his bet at the moment. Google "The Dickening" if you want to read the whole backstory on that one. Fair warning, the site is probably NSFW.

If you're bored with waiting for Bitcoin to go up and want to make a quick $30, Coinbase will bribe you up to $10 each to watch short promotional videos on the various new cryptocurrencies that they're offering. Or, you could do what I did and just sell half of the crypto after "earning" it in the hopes at least one of them will actually be worth something someday. With the hundreds of new copycat coins out there, I'm not all that hopeful on their success.

Coolcoin is STILL holding steady at the rock solid price of 1,000 Coolcoin for a space kitty t-shirt. I can proudly say that I invented the "stablecoin" before the term was popular! If you want some Coolcoin, perhaps you should join the poetry contest we have going on until the 10th of October?
 
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ponyo

Lifer
Feb 14, 2002
17,954
1,627
126

Train

Lifer
Jun 22, 2000
13,705
15
81
www.bing.com
Very interesting. Square bought $50 million in bitcoin representing 1% of its cash.
The list of publicly traded companies keeping assets in BTC is growing:


Over $6.7 billion of Bitcoin is now held by public companies, including US software giant MicroStrategy; asset manager Galaxy Digital, and Jack Dorsey’s payment processing platform, Square, according to Bitcoin Treasuries. This amount includes some companies holding the Bitcoin on behalf of their investors, like asset manager Grayscale Investments.
 

ponyo

Lifer
Feb 14, 2002
17,954
1,627
126
Paypal will allow users to buy, sell, and hold bitcoins in their digital wallet. And customers will be able to shop with bitcoin at its 26 million merchant network in early 2021. This is big news and again cements bitcoin and other cryptocurrencies as legit.

It's over folks. Bitcoin won. 100% legal and legit asset class now. Wow! Congrats to all the bitcoin million and billionaires. You guys created real wealth out of nothing and beat the system. You're now going to be part of the system.
 
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ultimatebob

Lifer
Jul 1, 2001
22,870
1,113
126
Wow, the mighty Jesuscoin is on a tear today from the Paypal news. I'm not sure if holding Bitcoin in a Paypal wallet is any safer than leaving it any other exchange, though.

How long do you think it will be until we get a "poor schmuck's Paypal gets hacked, loses $50,000 in Bitcoin" headline? 3 months? 6?
 

Train

Lifer
Jun 22, 2000
13,705
15
81
www.bing.com
How long do you think it will be until we get a "poor schmuck's Paypal gets hacked, loses $50,000 in Bitcoin" headline? 3 months? 6?
According to some articles I've seen online today, Paypal is not sharing keys with users, so you won't even be able to transfer BTC to/from PayPal, just able to buy/sell from Paypal to hold them in your Paypal account.
 

njdevilsfan87

Golden Member
Apr 19, 2007
1,953
57
91
If you're going to buy Bitcoin or any crypto, do yourself a favor and buy a hardware wallet for storage. They're easy to setup, secure and use. Ledger for example supports a bunch of coins/tokens, and even allows you to stake and earn interest on a few.

According to some articles I've seen online today, Paypal is not sharing keys with users, so you won't even be able to transfer BTC to/from PayPal, just able to buy/sell from Paypal to hold them in your Paypal account.
Which is understandable (for now). On top of being nearly impossible to recover stolen funds out of a user's account (or bank account) that's been transferred out via Bitcoin, losing Bitcoin themselves could be catastrophic. They'll need to beef up security and user verification first before they can allow crypto withdrawals. Coinbase and other exchanges have made it work but they've had years to figure it out in practice. And if all you care about is being exposed to the price of Bitcoin, then PayPal is an option. I'm sure at some point PayPal will try to expand its capabilities: there's too much potential profit not to.

Bitcoin is slowly heading to $100K+. Everyone heard of it in 2017, but still few bought. You could run a poll and find that maybe 1/10 in the developed world bought a small amount of crypto back in 2017 or 2018 via something like Coinbase. But it was still too complicated for the masses. Now that the institutions are getting involved, there is a constant stream of money entering (and staying) within Bitcoin and cryptocurrency as a whole from everyone. That 2050 or 2060 retirement fund everyone has? Yeah, crypto will be in there.
 

Train

Lifer
Jun 22, 2000
13,705
15
81
www.bing.com
It's not like Paypal hasn't had 2+ decades of ebay scams, phishing scams, etc to deal with and they are new to the hacking game. I doubt opening up to Bitcoin addresses, after already supporting a multitude of currencies, is going to leave them dumbfounded.
 

ultimatebob

Lifer
Jul 1, 2001
22,870
1,113
126
It's not like Paypal hasn't had 2+ decades of ebay scams, phishing scams, etc to deal with and they are new to the hacking game. I doubt opening up to Bitcoin addresses, after already supporting a multitude of currencies, is going to leave them dumbfounded.
Yeah, but you're combining one of the worst run and fraud prone money transfer services with the favorite form of payment for hackers and drug dealers. What could go wrong? :)
 

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