I am reading a lot of discussion about "how" to read your profits. Some people read their profits in terms of Satoshi/BTC and other people read their profits in term of fiat.
Is one necessarily better than the other? Or does it just depend on short term/long term goals and whether you want more fiat or more BTC?
BCH or USDT only
Me:
>BTC to fiat
>shitcoins to BTC
That's how I trade them, so this seemed the most logical way.
You will eventually use your profits to pay for things you want/need, correct?
Will you be paying for those things in Bitcoin or in fiat?
This one. I am just doing the same thing with ETH only
I would eventually like to sell my gains for fiat and get dollars in my bank.
The way I see it, noobs look at it in terms of fiat, guys that have been here more than a few months lok at it solely in sats/BTC.
The goal is to increase yout BTC holdings, if you believe that BTC will keep rising higher, as I do. I we can see 50,000 by end of 2018, so I want to increase my BTC holdings to get in on that action.
And don't derail the thread by fudding the $50,000 figure, my personal opinion, as everyone should have their own.
The logic here is that BTC is king, so all alt coin investments should be for the purpose of increasing your BTC equivalent value. If your altcoin holdings cannot exceed the gains of BTC/USD then you might as well just hold BTC.
the basic idea is this:
Did your investment make more than bitcoin? If yes, cool, if no, fuck you up the ass then rape your mother.
It's a way of measuring your success. If you beat BTC you did better than bitcoin, else you should have just bought bitcoin.
> if you believe that BTC will keep rising higher, as I do
as do we all!
Then you look at your profit in fiat.
Don't listen the know-it-all that decided that profit in BTC was the only way 'because I want more bitcoin muhh'.
In the end you want more Fiat. You could accumulate Bitcoin as a strategy but the ultimate goal is always more fiat.
the fuck is fiat
>The goal is to increase yout BTC holdings, if you believe that BTC will keep rising higher
I personally don't think it will - so that's why I have trouble viewing things in terms of sats/BTC. To me it seems pointless to accumulate as many sats as posisble only to have some sort of tulip situation (inb4 u that never happened, just using an example).
That is what I thought. Maybe one day in the future if the economy moves over to blockchain instead of fiat then I could see it being different - but for now everyone is still using fiat.
Non-crypto money (USD, Yen, etc)
If you are a scrawny ladyboy virgin with a fedora, trenchcoat, and cheap knockoff potmetal ornamental sword, or a 4Chub virgin with cheeto and mt dew stains on his fat bhuda belly, then using Sat is a matter of religious zealotry you will suffer massive turrets outbreaks over. Other than that, the rest use fiat.
It's the regular currencies : EUR, USD etc...
Coming from latin 'fiat' (let it be done). It means something that was decided to have a value by a government.
Oh,ok.
Then what this guy said If you don't trust BTC to go up but do believe in ETH go with that. If you don't believe either will go up then you are just trading daily to try to get quick profit, which isn't worth it in my opinion.
It will be useful to track your profit in a non-government backed currency when goods and services in a country will be anchored to it.
Until then it is useless. What matter is your buying power, nothing else. When you don't track in fiat you don't see your buying power evolving.
You can make +50 BTC but if in the meantime BTC goes back to 1000$ you will actually have lost some buying power anywhere in the world
Profits can be read eitherway. depends on your trading pairs USD/LTC BTC/LTC.
Does it really matter? The USD is going to implode sooner than later. You are accumulating Satoshi to fight inflation.
A loaf of bread might be 1,000,000 dollars in years to come but 1 BTC could be worth 1000 Billion. no body knows. you're hedging your bets that this will all buy lambos.
I think people confuse the currency of your portfolio and the currency you accumulate.
Of course it is dumb to hedge everything in fiat. It is much more likely that crypto will increase a lot.
But still your BTC total value is the wrong indicator.
Satoshis after the crashening
That's the thing though, you could be profiting but your total bitcoin might not go up if bitcoin is on the rise. Same with Ethereum, like I just did some trades and made profit but my total ETH is lower than when I started, because ETH went up a bunch. It sounds like a backwards way of converting things to go against BTC.