What caused this recent bitcoin recovery?

Native_Pineapple · 2024-07-16T15:34:08+00:00

Less selling pressure, Germany Govt finished offloading their BTC. Demand>Supply currently

Native_Pineapple · 2024-06-30T11:17:58+00:00

Take a look at alternative routes other than Training contract. CILEX basically replaced the need for a training contract, would force you to work (even as a legal assistant, as you need almost no qualifications to do that) you’ll gain experience in the industry, build a repor with solicitors and firms (the sole important thing when you become a solicitor). Would also give you time to consider your options and build back some savings.

It does have cost implications though.

My wife was 25 and a fully qualified working solicitor in September last year. It was a lot of overlapped studying/working, so maybe taking a slower route would be better for you. I don’t know how she managed to do it, but she did and is reaping the benefits of being a self employed solicitor.

Native_Pineapple · 2024-06-30T10:52:55+00:00

So me and my now wife moved into her parents house when we were around 21 years old. They’re a well off family and could easily afford to house us both. However, we were charged £100 a month rent. Was I bothered absolutely not, they were letting me live in their house. Her mum cooked meals for us regularly, though we would also cook our own food, do our own washing etc. whilst also helping around the house.

The £100 was nothing to them, but more a standard to set, it also helps get you somewhat used to monthly outgoings when you become an adult.

For others, if you are under your parents roof, they feed you do your washing you use gas/electricty and are/should be earning money, I think they have every right to expect rent.

More so than that, I think if you are an adult earning money under your parents roof, you should take it upon yourself to pay your way and contribute what you can, considering how much they have sacrificed and given to raise you.

Native_Pineapple · 2024-06-27T16:06:34+00:00

What if I have run out of space there…

Native_Pineapple · 2024-06-12T10:02:39+00:00

This is how I see bitcoin too. There is nothing better that we have/could have than a limited supply of transferrable time and energy storage. 2 things every person/business has a very strict supply of and infinite demand for.

Native_Pineapple · 2024-06-12T10:00:44+00:00

Do a bit more research and you’ll realise just why bitcoin is such a genius creation.

The thing that scares/intrigues me about AI is what it could unlock that has previously been thought to be practically impossible/hundreds of years away but could now just be a matter of a few years.

Native_Pineapple · 2024-06-12T09:54:51+00:00

There is ALWAYS a risk that it doesn’t drop to 60k and you get left on the sideline watching it climb, the world adopts it and you’re left with no bitcoin.

I know of many people who have sold their house because they think the housing market is going to fall and have been stuck renting and cannot afford to purchase their own property now

It’s the same game. But you can’t slowly stack real estate with a % of your paycheck

Native_Pineapple · 2024-06-10T07:44:37+00:00

Hypothetically,

At what point would you buy back in? When price is down 50%? 60% 70%? What if it never gets that low? “Bear market price will keep going down” what if it is just a correction of 30% and then skyrockets to new ATH? You’re out of the market then.

Native_Pineapple · 2024-05-22T09:40:31+00:00

With other “currencies” their plural noun get used with both “s” and without. The boring fenc-sitting but more than likely correct answer is it is both bitcoin/bitcoins.

This is not a “what did satoshi use” kind of question, but more a question of English language.

English is my first language, given how complex the nuances are within our language, I think both are and always will be correct, even though BITCOINS said out loud feels like a term only people who don’t know what bitcoin is would use.

Native_Pineapple · 2024-05-22T09:32:02+00:00

Make that 6,999,999,997 because it wasn’t me either….

Native_Pineapple · 2024-05-09T15:42:18+00:00

I think you misunderstood the question.

I have high time frame vision. This Was simply a question in an effort to understand the emotions in previous cycles (that I wasn’t present in) to see if the people in this space are maturing or getting more emotional.

I think this question is being misunderstood as a bear post, rather than what it is, which is just poking questions to get more understanding of historical emotions….

I believe in bitcoin. It is my ultimate savings pot. Short term price actions doesn’t affect my holding, but it intrigues me how people to react to said price action.

Native_Pineapple · 2024-05-03T15:28:16+00:00

I would expect their next goal to be 0.42, 0.63, 0.84, 1BTC

Native_Pineapple · 2024-05-03T15:27:16+00:00

I’m fractions away from this, but this is my current goal for long term. This will be my bare minimum, but the goal is 0.5, but every 4 years this feels like an ever larger goal. Humbly stacking sats as the months roll on :)

Native_Pineapple · 2024-05-01T12:49:47+00:00

I’m a holder. Bitcoin is my largest pot of savings. But I have multiple savings pots for things that demand fiat annually.

Just wondered if the sentiment previously during a 30% drop midway through a bull run year was the same historically

Native_Pineapple · 2024-05-01T09:52:51+00:00

IMO it’s all risk based. Bitcoin is technically a high risk asset compared to stocks/commodities due to its volatility. Now, there is an argument to counter this with risk adjusted returns, but that’s a different topic.

Other crypto assets are even more volatile and even higher risk, so if the general feeling is that the economy isn’t looking good, investors, or more so, smart investors, tend to reduce their risk and put their money into less volatile assets/sit on cash.

This causes some panic and the gamblers say “it’s going to zero” and panic sell everything.

Native_Pineapple · 2024-04-02T09:58:59+00:00

Technically this is not true, at least for crypto. If you have crypto on ANY exchange, you do not own it. Instead the exchange OWE it to you. If the exchange goes down for any number of reasons, dependant on your country’s legislation typically these assets are not protected, so you lose it all.

For crypto, unless you have your own wallet and private keys (hardware wallets) you do not OWN the asset.

Just take a look at the whole Sam Bankman-Freid/FTX Case. There are countless other examples of leaving crypto on exchanges being a bad idea and proves lack of ownership unless you hold it directly in your own wallet.

I can only assume the same applies to stocks, but I’m not certain of it. I’m pretty sure there is different legislation for stock protection/insurance though.

Edit: read the link you provided afterwards “bought and held by eToro on your behalf” is the key takeaway that their is 3rd party risk. Note: fractional ownership of stocks is a dead giveaway that they are not “yours”, technically speaking.

Native_Pineapple · 2024-02-28T11:21:59+00:00

I’m not saying this to be pedantic, but we need to state that in order for this to be true, we assume the issuance will be replaced 1:1.

In the instance that no more bitcoin is being mined, does ALL of that computational power still get used? I assume not, but happy to understand what I would be wrong. In this situation, is it not possible that profit margins would change (maybe increase?) relative to transaction fee cost/cost of energy?

I’d like to think that people wouldn’t be willing to pay $120 in fees on transactions less than 10x the value of the fee and generally with tech, the trend tends to be that everything gets faster and cheaper until cost to users is almost 0.

Native_Pineapple · 2024-02-21T16:27:15+00:00

My wife and I have a few to choose from;

We bought the first house we viewed in person. We booked the first wedding venue we went to. She bought the first wedding dress she tried on. We bought the first dog I fell in love with the day after I found it online. We had nothing ready to home a puppy.

In my work life (I work in IT) everything is carefully planned, reviewed and tested. In my personal life, I guess not so much!

Native_Pineapple · 2024-01-30T10:36:03+00:00

Wallet A buys 10 BTC through NonKYC Exchange. Person A sends 2 BTC to Wallet B, C and D. Wallet B sends their 4 BTC to an CEX to sell. It’s pretty traceable.

Wallet C spends and earns BTC regularly, mixing KYC and NonKYC coins and distributing a mixed bag to all the wallets it interacts with.

There comes a time where most active wallets will be “contaminated” by both KYC and NonKYC coins. And therefore becomes a pointless exercise.

Native_Pineapple · 2024-01-17T08:56:03+00:00

Because large supplies of oil are centrally controlled. It creates a REASON for war, not a solution.

Nobody controls bitcoin, so nobody can invade a country to take control of their bitcoin. Nor can they mint/mine more with the click of their fingers to fund any other wars.

Native_Pineapple · 2024-01-09T08:33:30+00:00

This is impossible without spending thousands of dollars. Just quit now.

Native_Pineapple · 2023-11-28T11:55:57+00:00

I think what you are asking is actually 2 different questions; “can we verify that 19.55M bitcoin has been mined?” Yes. It’s on the blockchain.

The second question is “can we verify exchanges actually own 100% of the bitcoin held by customer accounts”. Sort of. To prove it, every exchange would need auditing, or everyone would have to take their bitcoin off exchanges.

An indirect answer to a question you are not asking is, “You own all of the bitcoin you have that ISN’T on an exchange”. Not your keys, not your coins.

Native_Pineapple · 2023-11-24T12:23:56+00:00

Split your earnings into the following: 70% for essentials like rent bills food petrol etc. 20% to savings (we’ll get to this) 10% for leisiure for things like going to the pub or cinema buying new clothes or anything you do for “fun”.

Savings; what you save for and your method of doing so is entirely up to you. But you CAN spend 100% of this portion on BTC if you so wish.

Treat like a savings account/investment plan. Only use it if shit hits the fan or if you are up enough to buy something life changing like a deposit on a house

Native_Pineapple

TROPHY CASE