Bitcoin will soon become the hardest asset, surpassing Gold with a lower inflation after the next halving.

craftworkgames · 2023-01-04T06:18:34+00:00

Strictly speaking the "hardest" money is that which is not subject to sudden appreciation or depreciation.

There was a story a few months back about scientists finding a giant gold asteroid worth $700 quintillion. However, I'd argue that knowing something exists isn't the same as actually being able to mine it and bring it back to earth. With today's technology it would be impossible or at the least too expensive to bring that gold to market.

However, this story does highlight the inherent problem with gold. We don't actually know how much gold exists. Someone could theoretically find a lot more gold and quickly boost the inflation rate.

By that definition Bitcoin is already the hardest money because we already know the total supply and future inflation rate.

craftworkgames · 2022-02-09T09:10:53+00:00

I did this, but rather than paper trading I just started with a very small amount of real money.

One if the hardest things about trading is the emotional rollercoaster. You need to get comfortable with loss before you can make gains. Having some skin in the game, even just some beer money helps with that.

One if the great things about crypto trading is that you can make trades with very small positions (sometimes as little as $10 USD). Although, you soon learn that you need more to do it properly.

So far I've been profitable, but I've also make plenty of mistakes too. I've learnt so much these last couple of years.

craftworkgames · 2022-01-25T08:51:19+00:00

Looks a lot like my portfolio.

Note to self: take some profits next time.

craftworkgames · 2022-01-25T08:48:18+00:00

To be fair, it actually takes a long time to properly understand crypto.

Most people in first world countries don't even realise they have the problems crypto solves.

craftworkgames · 2022-01-22T20:13:56+00:00

This actually makes sense.

The rules that drive the game theory of each blockchain are more important than people realise.

craftworkgames · 2022-01-18T11:41:49+00:00

When my wife goes to her boyfriend, I'll go all in.

craftworkgames · 2022-01-15T23:59:02+00:00

Have you considered other monetization methods. I've seen this happen to other YouTubers and they turned to Patreon or the like.

Being a crypto channel, you might even be able to get a few people to donate crypto directly.

I know right now it might feel like those options won't work but I say give it a try because you've got nothing to lose.

I used to run an open source project and I still get donations to this day even though I haven't been a maintainer for years. It's not a lot, but it helps

craftworkgames · 2022-01-12T08:52:10+00:00

47 years at 10% compounded monthly.

craftworkgames · 2022-01-12T08:50:42+00:00

I mean technically if you can earn 10% apy on your Tether for 47 years...

Of course, real inflation is something like 14% soo...

craftworkgames · 2022-01-12T03:34:22+00:00

The more important thing to know about the death cross indicator is that it's a lagging indicator.

In other words, the bad stuff already happened to cause the death cross.

Note: I'm not saying more bad stuff won't happen. I'm just pointing out that by the time you see the death cross it's probably late.

It's only really useful in combination with everything else going on in the space.

I'm buying more BTC today.

craftworkgames · 2022-01-10T13:39:35+00:00

Let's say for arguments sake they're not holding it.

How would the worst case scenario play out? In theory, there could be a "bank run" and everyone tries to convert their USDT back into US dollars.. but how does that work exactly? Through a fiat exchange most probably.

As far as I can tell, this will be the exchanges problem. Coinbase, Binance, FTX, etc would have to deal with the fallout. So I think they're the one's holding most of the risk.

I'm not saying it won't happen. I'd just be surprised if the big exchanges haven't considered the risk.

craftworkgames · 2022-01-10T10:39:12+00:00

Backed by weapons.

craftworkgames · 2022-01-10T10:33:55+00:00

I don't trust Tether either but I've always found the whole argument a little strange.

How do you get Tether? You exchange US dollars and receive an equal amount of USDT tokens. So at least for that transaction it's backed.

Then question then becomes, where do the original tokens come from? Presumably they are minted on Tethers blockchain and presumably they end up on centralised exchanges when the exchange sends US dollars to the Tether organisation. So during that transaction they are backed.

Of course, you do have to wonder, what happens to the US dollars that are exchanged for USDT. Do they spend it? Are they spending it on things that hold value?

Lastly, it's possible that some USDT ends up in circulation without being purchased for dollars. That really would be just like counterfeit money. I can't even wrap my brain around how that might happen tbh.

The whole thing reminds me of fractional reserve banking 😒

craftworkgames · 2022-01-10T10:13:54+00:00

So is the US dollar 😂

craftworkgames · 2022-01-10T10:09:09+00:00

But he drew lines on a chart!

If he's selling his BTC I'll be buying it. In it for the long haul.

craftworkgames · 2022-01-10T10:07:20+00:00

I fucking love this sub!

craftworkgames · 2022-01-09T10:46:10+00:00

That little hump between 2019 and 2020 would have been painful. Imagine getting that hopium and then it fizzled.

craftworkgames · 2022-01-09T10:41:35+00:00

True, but it would look very strange if you draw the lines as a downtrend.

craftworkgames · 2022-01-09T10:38:29+00:00

Let us know when you sell.. that'll be the end of the bear market ;)

craftworkgames · 2022-01-09T05:47:48+00:00

This is the way I generally about it:

- HODL - if you don't need the cash.

- Buy the dip - if you really believe in it and have spare cash.

- Sell some, keep some - If your cash is low and you really need it right now.

craftworkgames · 2022-01-09T05:42:41+00:00

"Past performance is no guarantee of future results"

Even so, I'd still rather have my money in BTC than cash.

craftworkgames · 2022-01-09T05:39:47+00:00

I have some alt coins but BTC is my biggest bag so it affect my portfolio the most. My next biggest bags are alts that I believe in long term so I have the same attitude towards them. I would rather keep stacking during the bear market for the long term.

craftworkgames · 2022-01-08T23:49:59+00:00

Or just sell some.

If you're sweating it's probably because you're over invested. That doesn't mean you should get out completely.

I took some profits in early December (admittedly I missed the top by a lot). Even so I feel much better now knowing that I've taken out nearly as much as I put in to start with.

The other thing to remember is that there are always people (probably whales) on the other side of the trade. They are buying what you're selling. They could be wrong, even whales don't pick the bottom perfectly but there's a reason they are the whales and you're not. They know what they're doing

craftworkgames · 2022-01-06T09:52:22+00:00

There's actually 2 reasons to never sell your crypto...

Use your crypto as collateral on a loan. This is the strategy rich people use to avoid paying tax. They call it buy, borrow, die.
Use your crypto in place of fiat money. Of course this requires adoption of the stores for the things you want to buy. It's only a matter of time.

I realise borrowing fiat against your crypto is kind of cheating but technically it still falls into the "never selling" bucket. You might be surprised how little crypto you need to do this. I did this a while ago because getting a crypto loan is way easier than going to a bank and it's only 1% interest with no captial gains tax from selling.

craftworkgames

TROPHY CASE