BitCoin office opening in Cabarete

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playacaribe2

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So they have had 6 months to test their "proof of concept," can anyone verify that the (Bitcoin shop in Cabarete) is still around?.

To paraphrase/quote Nobel prize winning economist and former US Secretary of the Treasury Larry Summers on what if anything could replace the dollar as the worlds reserve currency............................"It would have to collapse against an alternative. Europe is a museum Japan is a nursing home China is a jail and Bitcoin is an experiment." I quite often disagree with him, but in this case he is pretty much spot on.

Can you make money trading Bitcoin or its progeny..........the answer is yes...........just as you can also lose money..............and recent articles indicate 40% of all Bitcoin holders are losing money as they bought the hype in the run up to 67k....................and it is now near 30k. Could it go back up................of course............just as it could go down further..................it just depends on which side of the greed/fear index that "investors" choose to be.

Which begs the question as to its viability as a reliable and stable payment system which it now claims to be..................we already know the initial claims that it is anonymous and the better alternative to fiat currency have been proven to be untrue.


Respectfully,
Playacaribe2
 
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playacaribe2

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I hope they have access to plenty of Pesos/Dollars/Euros……..

Looks to be a very busy day for the Bitcoin Shop in Cabarete.


Respectfully,
Playacaribe2
 
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beeza

beeza

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Doesn't bode well when Binance halt bitcoin withdrawal when the market is in free fall.

seekingalpha.com

Binance briefly halts bitcoin withdrawals, CEO says (Cryptocurrency:BNB-USD)

Binance, the world's largest cryptocurrency exchange by daily trading volume, has briefly halted bitcoin (BTC-USD) withdrawals, CEO Changpeng Zhao wrote in a Twitter post...
seekingalpha.com seekingalpha.com

So even if I did want to sell my Bitcoin to the Cabarete office, I can't as a lot of my portfolio is on Binance.
 
chico bill

chico bill

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I was always skeptical of Crypto and the silly concept of "mining".
And what the heck is blockchain.
I am sorry to see people loosing so much money that fell into this 'new paradigm'.
Any time someone talks about the end of fiat currency and a new paradigm you know they are about to speak bullshit.
 
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beeza

beeza

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chico bill said:
I was always skeptical of Crypto and the silly concept of "mining".
And what the heck is blockchain.
I am sorry to see people loosing so much money that fell into this 'new paradigm'.
Any time someone talks about the end of fiat currency and a new paradigm you know they are about to speak bullshit.
Click to expand...
Admittedly my unrealised losses are high. But they only become losses if I sell. I'm not a trader. I liken that to gambling, especially shorting or longing the market. I don't have enough knowledge or the risk appetite for trading.

I buy and hold (hodl). I'm not expected to do anything for at least five years. I fell into this new paradigm as you call it. But I did it with my eyes open. I believe crypto has a solid future ahead and it is still in its infancy.
 
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chico bill

chico bill

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beeza said:
Admittedly my unrealised losses are high. But they only become losses if I sell. I'm not a trader. I liken that to gambling, especially shorting or longing the market. I don't have enough knowledge or the risk appetite for trading.

I buy and hold (hodl). I'm not expected to do anything for at least five years. I fell into this new paradigm as you call it. But I did it with my eyes open. I believe crypto has a solid future ahead and it is still in its infancy.
Click to expand...
For your sake I hope you recover your money.
But I just don't believe this is a dip but a real and permanent direction for cyrpto.
And since several crypto exchanges are freezing transactions that speaks volumes to the stability and liquidity of imaginary coins. Looks like some insolvency in crypto exchanges.
That creates a run on the bank.
Funny thing is that gold is down big today too, which I don't understand.
 
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jd426

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beeza said:
Admittedly my unrealised losses are high. But they only become losses if I sell. I'm not a trader. I liken that to gambling, especially shorting or longing the market. I don't have enough knowledge or the risk appetite for trading.

I buy and hold (hodl). I'm not expected to do anything for at least five years. I fell into this new paradigm as you call it. But I did it with my eyes open. I believe crypto has a solid future ahead and it is still in its infancy.
Click to expand...
Well, here is the thing, if your TRULY BELIEVED at say 30K or whatever your buy in Price was .
then you should DEFINITLEY be buying on the way DOWN . and keep doubling up as it drops .
If you cant do that , and cant see this as a Huge Buying opportunity, then you never really believed in it , and were in fact gambling .
Nothing wrong with either one, its your money
But if this were like Real Estate for example , when the market collapsed , anyone who claimed to be in Investor had to make a move ,you had to .
Now its a Sellers Market for Real Estate , and people who did not even want to move are Selling their Homes , because they have doubled or even tripled their Money , and it would be foolish to not sell and stay on the sidelines for a while , Renting or downsizing as they wait for a Correction.
 
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beeza

beeza

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jd426 said:
Well, here is the thing, if your TRULY BELIEVED at say 30K or whatever your buy in Price was .
then you should DEFINITLEY be buying on the way DOWN . and keep doubling up as it drops .
If you cant do that , and cant see this as a Huge Buying opportunity, then you never really believed in it , and were in fact gambling .
Nothing wrong with either one, its your money
But if this were like Real Estate for example , when the market collapsed , anyone who claimed to be in Investor had to make a move ,you had to .
Now its a Sellers Market for Real Estate , and people who did not even want to move are Selling their Homes , because they have doubled or even tripled their Money , and it would be foolish to not sell and stay on the sidelines for a while , Renting or downsizing as they wait for a Correction.
Click to expand...
Agreed. That's why I'm DCAing my way down.
 
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johne

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beeza said:
I buy and hold (hodl). I'm not expected to do anything for at least five years. I fell into this new paradigm as you call it. But I did it with my eyes open. I believe crypto has a solid future ahead and it is still in its infancy.
Click to expand...
Can you expand on why you believe "it has a solid future"? BTW...I have no horse in this race and my question is purely for education. Fire away...
 
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beeza

beeza

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johne said:
Can you expand on why you believe "it has a solid future"? BTW...I have no horse in this race and my question is purely for education. Fire away...
Click to expand...
I'm intrigued as to why you have specifically asked me this same question in this forum several times. Do you know me?

You haven't asked this question to anyone else.

I'm by no means a crypto expert. A friend introduced me. It peaked my interest. I did some research. I invested.

This time next year Rodney, we'll be millionaires! (Catchphrase of a popular classic British sit-com)
 
chico bill

chico bill

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beeza said:
I'm intrigued as to why you have specifically asked me this same question in this forum several times. Do you know me?

You haven't asked this question to anyone else.

I'm by no means a crypto expert. A friend introduced me. It peaked my interest. I did some research. I invested.

This time next year Rodney, we'll be millionaires! (Catchphrase of a popular classic British sit-com)
Click to expand...
Invested? Bitcoin does not manufacturer or sell a service or product.
It has no earnings or annual yield.
So you are speculating (gambling some say) - I do not think cyrpto is in anyway an investment in the traditional sense of the word.
Investing was buying into oil when it dipped to negative value in March of 2020.
Imagine oil having no value - how ridiculous.
 
beeza

beeza

Silver
Nov 2, 2006
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chico bill said:
Invested? Bitcoin does not manufacturer or sell a service or product.
It has no earnings or annual yield.
So you are speculating (gambling some say) - I do not think cyrpto is in anyway an investment in the traditional sense of the word.
Investing was buying into oil when it dipped to negative value in March of 2020.
Imagine oil having no value - how ridiculous.
Click to expand...
I agree with your statement that investing in crypto is not a traditional investment, but it is an investment nonetheless. No need to get into semantics. Invest, gamble, speculate, bet, take a punt, it's all the same wherever you put your hard earned money in.

Some see Bitcoin as an alternative store of value, like digital gold. I share that opinion.

I have not invested my retirement on crypto. But there's no harm in diversifying a (small) portion of my portfolio in it.
 
chico bill

chico bill

Dogs Better than People
May 6, 2016
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beeza said:
I agree with your statement that investing in crypto is not a traditional investment, but it is an investment nonetheless. No need to get into semantics. Invest, gamble, speculate, bet, take a punt, it's all the same wherever you put your hard earned money in.

Some see Bitcoin as an alternative store of value, like digital gold. I share that opinion.

I have not invested my retirement on crypto. But there's no harm in diversifying a (small) portion of my portfolio in it.
Click to expand...
Well if you believe in it today would be a good day to buy some. Likely tomorrow it will jump a couple thousand
 
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Yourmaninvegas

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Feb 16, 2016
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In El Salvador Bitcoin is legal currency.
If the nations of africa formed an alliance and chose to create a fiat currency backed by the material wealth of nations...
Well someone got killed of that idea.
The idea that fiat currency has value and crypto does not...well that is just matter of belief.
I am not going enter the debate on crypto as an investment.
In my opinion the only true value or wealth anyone has is what they can put their hands on physically in a crisis.
Does not hurt to have play money (fiat & crypto) of all types for the times when governments around the world run amok and impinge upon the freedoms of individuals.
But most would do better to start their investing in their pantry.
Go long on rice, beans, cooking oil, coffee, sugar ect...🤑
 
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