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Bitcoin

Where will it go from here?


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    18

JR777

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Some of the so-called experts say it could go to 200k in the next few years...I hesitated for years and finally bought the dip. over time, it will go up despite the dips just like the stock market...it is a limited quantity asset just like gold so although it seems pretty worthless in a road warrior scenario, it is otherwise something that will eventually become scarce and the demand will drive it up.

You would be really surprised how resilient it is. In any SHTF scenario where the extinction of the human species wasn't all but guaranteed, BTC would be highly likely to survive and thrive. It's like a hydra with millions of heads.

I don't know much about the others...I wish i could afford to throw money around to all of them but I'm new to this so I am picking the proven original for now...can anyone convince me why you should have many cryptos? I know people do it but dogecoin began as a joke so I just don't know how something like that lasts...some market experts think a handful will emerge as the standards and all the rest will fade away eventually. I'd think sticking to the name recognition ones that have a track record may be a better choice but if someone can tell me putting a few hundred into dogecoin is worth it vs using it for bit coin then maybe I'll look into it. Educate me now that we've answered the Op question LOL.

There are lots of altcoins that claim to have advantages over BTC, but they're all missing the point, in my opinion. You don't need millions of nodes to expend lots of energy verifying your purchase of a pack of gum. Where trustlessness is needed is for large savings or reserves, and large transactions, and that's where BTC excels. It's proof of work system is extremely simple, which makes it the ultimate in terms of security. And while it's criticized for costing too much or using too much energy, paying 50 dollars is nothing if we're talking about moving thousands of dollars, and especially not when moving millions, which is what it's really designed for.

I think Ethereum also has quite a bit of utility, and may in fact replace traditional stocks with tokens through smart contracts. Although some of the tokens initially on Ethereum's blockchain are moving to Cardano, so I don't know where it's going.

I don't understand the technical side of it, but many people Ripple is going to have a lot of utility in terms of making the transition from fiat to crypto. Some people think they may even play a role in central bank digital currencies. Their CEO has rubbed a few shoulders with central bankers, and has been in private meetings with our own fed chairman. The current fedcoin prototype is being developed at MIT, but there's nothing saying they won't contract with Ripple to provide some service.

The altcoins might prove to be useful, but they're also getting into the nitty gritty of the technology, where few people really understand what's going on. It's pretty easy to understand BTC and make a use case for it, and maybe even ETH and Cardano, too, but then when you start getting into stuff like Ripple that's made to provide intermediary services to existing banking structures, that's when you get to the point that it takes a very high level of technical understanding to even begin to grasp what it is they're trying to do, much less whether they're providing a valuable service or not.
 

tRidiot

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I just wonder about the guys who buy up all the walmart and academy ammo to resell? Are they entrepreneurs who already had a massive stockpile and just want to make money on something they know, or are they just stupid?

I bought out one of the WalMarts one day in late 2019 - am I an entrepreneur or am I stupid?

Considering as soon as I got it home, I called 2 of my best friends and told them to come pick out whatever they wanted and gave it to them for exactly what I paid for it, I don't think I'm an entrepreneur. They ended up taking about half or so of what I had picked up. Maybe a third. And I also haven't sold a single round in the intervening year and a half, so that lends more credence to that.

As for stupidity, I don't know - some people might think so, but I don't. I had prior to that single large purchase what I would call a 'small' stockpile or reserve. Now I have a slightly 'less small' or maybe even approaching 'medium' reserve. I don't know... I bet I don't have 10,000 rounds total. Well, if you count .22, which is probably 2-3k total, I don't know. I've never bothered to organize and count it all. But I don't think it's stupid.

I mean, that's your premise, which one are they? Entrepreneurs or stupid? I'm trying to figure out what would make someone stupid about buying up ammo? As long as you're not overpaying in an inflated market (like now), you're getting a useable asset that is tradeable in extreme scenarios, something not tracked or trackable, something not regulated, and something that will ALWAYS be desired, until we end up in the Stone Age again. I'm trying to figure out what is stupid about it?
 

retrieverman

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Man I don't know. If you feel it you feel it. When I got married 10-12 years ago my wife thought I was crazy buying lead, primers, powder. She thinks I'm less crazy now.
I read this and had to laugh, because since last spring when the “pandemic” started, my wife thinks I’m a freaking genius. She’s actually been “on board” for a while, but the events of the last year definitely solidified her attitude towards “preparedness”.:thumb:
 

Mos Eisley

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As for stupidity, I don't know - some people might think so, but I don't. I had prior to that single large purchase what I would call a 'small' stockpile or reserve. Now I have a slightly 'less small' or maybe even approaching 'medium' reserve. I don't know... I bet I don't have 10,000 rounds total. Well, if you count .22, which is probably 2-3k total, I don't know. I've never bothered to organize and count it all. But I don't think it's stupid.

When they raid your home the media will officially announce that as a "cache".
 

retrieverman

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I haven’t bought a single round of ammo (for myself) since this crap started, but I have sold some though. I’ve owned a bunch of guns in various calibers, and I have taken this golden opportunity to rid myself of ammo I no longer have guns for. Have I made money? Hell yes! Do I feel guilty for capitalizing of the current situation? Hell no!
Back to Bitcoin and cryptos, I think all the cryptos will definitely go back up, but I’m just not sure to what level. I’m hoping they go higher than they were a couple weeks ago, but...:anyone:
 

sh00ter

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I bought out one of the WalMarts one day in late 2019 - am I an entrepreneur or am I stupid?

Considering as soon as I got it home, I called 2 of my best friends and told them to come pick out whatever they wanted and gave it to them for exactly what I paid for it, I don't think I'm an entrepreneur. They ended up taking about half or so of what I had picked up. Maybe a third. And I also haven't sold a single round in the intervening year and a half, so that lends more credence to that.

As for stupidity, I don't know - some people might think so, but I don't. I had prior to that single large purchase what I would call a 'small' stockpile or reserve. Now I have a slightly 'less small' or maybe even approaching 'medium' reserve. I don't know... I bet I don't have 10,000 rounds total. Well, if you count .22, which is probably 2-3k total, I don't know. I've never bothered to organize and count it all. But I don't think it's stupid.

I mean, that's your premise, which one are they? Entrepreneurs or stupid? I'm trying to figure out what would make someone stupid about buying up ammo? As long as you're not overpaying in an inflated market (like now), you're getting a useable asset that is tradeable in extreme scenarios, something not tracked or trackable, something not regulated, and something that will ALWAYS be desired, until we end up in the Stone Age again. I'm trying to figure out what is stupid about it?

Neither, you are the exception.

I wasn't saying they were stupid for BUYING up all the ammo...that is the smartest thing they could do. I was saying if they do not already have a stockpile, and they are buying the ammo and reselling it, they are stupid for parting with it. Unless of course they really need the money or are buying ammo for guns they do not own.

Ammo is currency but only in an emergency like gold. If I bought a bunch of gold, I would never sell it unless I needed the money later in life. Same with ammo...it can be passed down, or used to help friends, etc. I do not see it as a get rich quick opportunity.
 

tRidiot

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Neither, you are the exception.

I wasn't saying they were stupid for BUYING up all the ammo...that is the smartest thing they could do. I was saying if they do not already have a stockpile, and they are buying the ammo and reselling it, they are stupid for parting with it. Unless of course they really need the money or are buying ammo for guns they do not own.

Ammo is currency but only in an emergency like gold. If I bought a bunch of gold, I would never sell it unless I needed the money later in life. Same with ammo...it can be passed down, or used to help friends, etc. I do not see it as a get rich quick opportunity.

Ok, I gotcha. I just wasn't sure what you meant by that. Thanks for the clarification - and I agree with you that selling if you don't have a good reserve is... well... maybe not the wisest.
 

k4ylr

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I'm long on crypto with the caveat being that I'm long on Proof of Stake winning out vs Proof of Work (ETH, BTC, other traditionally "mined" cryptos). Mining isn't sustainable. Period. When it takes 800kWh to process a single transaction that isn't remotely sustainable. BTC is lucky in that it was first, and has garnered the most press and thus benefits from early adoption. Cheap gains are easy and thus BTC and ETH are winning in the Market Cap sense but that's borrowed time as far as I'm concerned.

Ethereum is considering a hard fork away from Proof of Work and moving to Proof of Stake similar to coins/tokens you are seeing now like Cardano/ADA, Helium, Figure, etc...so I'd be heavily considering moving into proof of stake based networks where you are rewarded for staking your coins on the network/ledger. FWIW I'm long on the ADA/Cardano train but there are several coins that offer very competitive returns that make traditional savings vehicles look more stupid than they already are.
 
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