Bitcoins - fad or trend?

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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Tue Oct 12, 2021

Randy, thanks for the subtle invitation to move to Portugal.

TXSTARFIRE
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Re: Bitcoins - fad or trend?

Postby TXSTARFIRE » Tue Oct 12, 2021

I was at my local grocery store last night and noticed thy had a kiosk type machine where you could buy or sell bitcoin and a few other crypto things. Label said max $2,999 per transaction and max $10,000 per day. Do folks actually put thousands of dollars into these machines? Is this something new or has this been around for awhile?

cmiller17363
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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Tue Oct 12, 2021

There’s a Circle K by me that just opened recently and there is a Bitcoin ATM in it. I checked it out but didn’t purchase. It seems that there are KYC requirements to purchase.
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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Tue Oct 12, 2021

cmiller17363 wrote:There’s a Circle K by me that just opened recently and there is a Bitcoin ATM in it. I checked it out but didn’t purchase. It seems that there are KYC requirements to purchase.


Did you notice how much the fees were? Are they a percentage of transaction total or a flat fee?

TXSTARFIRE
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Re: Bitcoins - fad or trend?

Postby TXSTARFIRE » Tue Oct 12, 2021

What is a KYC requirement?

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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Tue Oct 12, 2021

TXSTARFIRE wrote:What is a KYC requirement?


Know Your Client. Financial institutions put their clients through varying levels of document production to prove that they are not bad guys who will launder money, etc. Even though banks are the ones constantly getting busted for breaking the laws.

cmiller17363
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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Tue Oct 12, 2021

I didn’t get that far with it but will see what kind of rates I can find next time I’m in there. I’m guessing the fees are pretty steep.
Don't be so focused on keeping an even keel that you lose sight of where the ship is headed.
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TXSTARFIRE
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Re: Bitcoins - fad or trend?

Postby TXSTARFIRE » Tue Oct 12, 2021

Thanks for the info!

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CaptainW
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Re: Bitcoins - fad or trend?

Postby CaptainW » Wed Oct 13, 2021

shinnosuke wrote:
cmiller17363 wrote:There’s a Circle K by me that just opened recently and there is a Bitcoin ATM in it. I checked it out but didn’t purchase. It seems that there are KYC requirements to purchase.


Did you notice how much the fees were? Are they a percentage of transaction total or a flat fee?


It's a flat fee and they are generally quite expensive. The cheapest I've found is "FlipCoin" at 6%. In my searching I found there are many vendors, some with fees as high as 30%! :shock:
CoinStar is either 10 or 11% and requires KYC. Max of $2500 per 24 hours.
FWIW, FlipCoin allows up to $900 per (calendar?) day without KYC. You do have to give them your phone number so they can send a security code. That's if you can stomach the 6% fee.

Checking their efficiency, I made a purchase from both of them. CoinStar is cumbersome as your crypto goes to your CoinStar wallet so you have to transfer it to your desired wallet and incur another fee. FlipCoin is much smoother as you simply scan the QR for wherever you want it to go and it's done. FlipCoin's transfer fee was $0.99 vs. $11 for CoinStar. Perhaps it was a peak time of day?

On the downside for FlipCoin, their kiosks are thinly populated. But you can do a search for whichever machine you're looking for and you can access a map of their locations.

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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Wed Oct 13, 2021

Great report, Walt.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Oct 15, 2021

Bitcoin ETF approval incoming!?!? Get ready for new all time highs!

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Re: Bitcoins - fad or trend?

Postby Ilovesilver97 » Fri Oct 15, 2021

SilverDoge wrote:Bitcoin ETF approval incoming!?!? Get ready for new all time highs!



Buying RIOT and MARA calls first thing Monday morning.
Looking for any 1/4oz GOLD PROOF Libertads, Especially 2007, 2009, 2011 NGC PF70

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Oct 16, 2021

Ilovesilver97 wrote:Buying RIOT and MARA calls first thing Monday morning.


Not a bad strategy! At 5:35 of this video, the author shows the best BTC proxies. He believes MicroStrategy shares to be the best way to indirectly hold BTC. A cool analysis as well.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Oct 16, 2021

SilverDoge wrote:COIN ETF not approved by the SEC...

https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf

From $1,280's to $995 in under a minute. Holding steady around $1,000 now.

I'm holding for the most part. If I can get a dip under $800 it is a buy price for me.


Going back in bitcoin history, the above post was from March 10, 2017. This was the first time that many thought a bitcoin ETF had a good shot at getting approved. It was a fun day on Coinbase where I attempted to sell some BTC and buy back in cheaper after the news broke that the ETF was denied. That didn't work out terribly well as the servers crashed and I basically just broke even trying to trade the news.

Well, here we are now, 4.5 years later (and 50 times higher) and the Futures ETF is going live next week. The wick might be hard to see on the chart, but bitcoin had a 28% price swing in a single day based on this news. I don't think we'll be seeing a 28% swing in price anymore on a single day, but who knows what is ahead.
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Silver&Gold2013
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Re: Bitcoins - fad or trend?

Postby Silver&Gold2013 » Sun Oct 17, 2021

Any thoughts on what this will do to GBTC premium?
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IdahoCopper
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Re: Bitcoins - fad or trend?

Postby IdahoCopper » Sun Oct 17, 2021

Ultimately the BTC ETF will enable the same corrupt characters who manipulate the price of silver and gold, to manipulate the price of BTC.

Sure, immediately upon the opening of an ETF, BTC's spot will shoot up. A lot.

But as the action settles in over time, and the criminals massage their positions, the manipulation will begin. And that will be the end of Bitcoin as an investment.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Oct 17, 2021

IdahoCopper wrote:Ultimately the BTC ETF will enable the same corrupt characters who manipulate the price of silver and gold, to manipulate the price of BTC.

Sure, immediately upon the opening of an ETF, BTC's spot will shoot up. A lot.

But as the action settles in over time, and the criminals massage their positions, the manipulation will begin. And that will be the end of Bitcoin as an investment.


The end of bitcoin as an investment huh? Not so fast. We all know that the bitcoin price can be manipulated by large whale(s) across different exchanges. This may create another vector for manipulation as well, but it also creates opportunity. There is a large percentage of the population that, for whatever reason, believe it is too hard to create a Coinbase account and buy actual bitcoin. So they'll buy the ETF instead. Others, perhaps don't want to risk losing their 4.75 BTC when they lose their password/seed phrase, so they believe buying the ETF is a safer play than hodl'ing themselves. The bottom line is this ETF approval increases accessibility and overall legitimacy of bitcoin to the general public.

The difference between other commodity ETFs and bitcoin is also to BTC's advantage. A spot ETF of PMs requires a lot of logistical (shipping, securing and storing) and auditing costs. A spot ETF for BTC costs nothing and can be verified by anyone with a BTC block explorer. We'll likely see a spot BTC ETF in the future, which will obviously be better. The futures cash-settled BTC ETF is just the first step.

My take is that if one isn't going to HODL their own private keys, you may as well let Celsius earn a yield for you and earn 6% APY on your bitcoin instead of over-paying with an ETF and their likely high fees. Can you do that with your gold that sits in your home safe? I know I can't.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Oct 17, 2021

BTC just had its highest weekly close ever: $61,527 on Coinbase. Q4 is now in full effect!
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grantwoodisgold
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Re: Bitcoins - fad or trend?

Postby grantwoodisgold » Mon Oct 18, 2021

$500k Bitcoin: The Fed will be 'abolished', BTC will be global reserve currency, gold will hit $5k
5,619 views Oct 17, 2021

The demise of the Fed is coming, and with the collapse of the current monetary system comes the adoption of Bitcoin as the new global reserve currency, said Gareth Soloway, chief market strategist of IntheMoneyStocks.com.

"What I'm actually calling for is a total collapse of the monetary system, actually. So, there will have to be a reset. And I do think that what we're going to go through as a country, as a world, is something that's going to equal if not worse than 1929 in the thirties of the Great Depression, it is going to be cataclysmic. But from its dust, Bitcoin and cryptocurrencies will rise and be the future of society," Soloway told David Lin, anchor for Kitco News, at the Future Blockchain Summit in Dubai.

Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Gareth Soloway on Twitter: @GarethSoloway (https://twitter.com/GarethSoloway_)

0:00 - Bitcoin price performance
3:25 - Bitcoin ETF
5:53 - Key levels for $BTC
8:22 - Demise of the Federal Reserve
14:55 - Stocks
15:41 - Future #Blockchain Summit


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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Mon Oct 18, 2021

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