Bitcoin - Part 3

[lomiller]

Originally Posted by SuburbanTurkey

Your point about borderless transfer of money is well taken though. An international, internet based currency is probably a tremendous convenience.

Currency exchange is easy enough already and there are MAJOR issues associated with borderless currencies if they are adopted on large scales. With a floating currency if relative efficiency favored trade in one direction this causes currency devaluation in the company doing the importing, and this currency devaluation makes their exports more desirable. Under this system, trade always helps both sides.

Under a borderless currency however, that isn’t the case. Eg under a gold standard if trade was asymmetrical gold would flow one direction possibly creating inflation in the country receiving the gold. Singe gold was never sufficiently abundant, however, the likely result would be a deflation spiral and reduced economic activity in the country that was exporting the gold. It therefor becomes important to horde gold and keep it in country to stabilize prices and economic activity, even at the cost of reduced trade. Even then, there would be regular depressions and large boom-bust cycles.

While a small amount of “borderless currency” may be ok, in general the current system of floating currencies and currency exchanges is a far superior approach.

[psionl0]

Originally Posted by SuburbanTurkey

Say you wanted to buy a pack of socks using bitcoin during the peak 2017, and you kept the spare change in bitcoin after the transaction, you might find that, months later, the value has evaporated. Or maybe you find it has grown, which is nice. But that kind of volatility is not what most people expect with spending money. You can't HODL when you need socks today, and if the bictoin price isn't favorable, you're either forced to realize the loss or you're not getting your socks.

This sort of discussion has been going on for years - going on to a decade.

I have always pointed out that bitcoin is not especially useful as a currency. It wildly fluctuating price means that sometimes you will win and sometimes you will lose if you make a purchase or sale in bitcoin. (If you are only going to buy bitcoin to make a purchase and then cash in the rest immediately afterwards then you might as well not bother).

Other problems with using bitcoin as a currency is that it doesn't scale (there seems to be a hard limit of about 15,000 transactions per hour) and the deflationary nature of its design plus the need to offer transaction fees both act as a disincentive to spending the bitcoins. Unless a shop keeper is prepared to accept zero confirmations, bitcoin doesn't work well over the counter (though it is terrific for paying bills on line).

[ChrisBFRPKY]

Originally Posted by The_Animus

Why would you want 4 homes? Are you renting out the extras? Also to make enough profit in a few months to buy a home you must already have a large amount of money to play with.

In any case, congrats on the earnings

Real estate is also a good investment. There are many ways to profit from owning real estate.

Thank you and no, it does not take a large amount of money to get started. I purchased the majority of my BTC at $300 per years ago. On March 14th of this year the price of BTC and alt coins dropped dramatically. I know the average Joe cannot normally purchase 100 BTC even if the price drops into the 4 to 5K range. But, he or she can always purchase other alt coins that are priced less than BTC.

I will not usually share info but since it's a non-specific detail after the fact I will cite one example of one alt coin I traded. Mid March when the coin market dropped, it became possible to purchase Cardano for around .02 cents per coin. It actually went lower but I did not get in at the bargain bottom price. Cardano is now trading for just over .12 cents per coin. Do the math. Even a $1K investment is now worth $6K. Imagine you had a $100k investment at .02 and sold at .12

The Cardano was traded back to BTC and I cashed out some. With only a few exceptions, I usually won't hold anything other than BTC for the long term. Short term is a different story. And no, I would not recommend buying into Cardano now. It may be a great coin and may show further profit then again it may crash and burn tomorrow. Now if it drops to .02 cents again I'll be back in. Though with my luck it'll probably moon now that I'm out of it.

Chris B.

[Samson]

Originally Posted by ChrisBFRPKY

Real estate is also a good investment. There are many ways to profit from owning real estate.

Thank you and no, it does not take a large amount of money to get started. I purchased the majority of my BTC at $300 per years ago. On March 14th of this year the price of BTC and alt coins dropped dramatically. I know the average Joe cannot normally purchase 100 BTC even if the price drops into the 4 to 5K range. But, he or she can always purchase other alt coins that are priced less than BTC.

I will not usually share info but since it's a non-specific detail after the fact I will cite one example of one alt coin I traded. Mid March when the coin market dropped, it became possible to purchase Cardano for around .02 cents per coin. It actually went lower but I did not get in at the bargain bottom price. Cardano is now trading for just over .12 cents per coin. Do the math. Even a $1K investment is now worth $6K. Imagine you had a $100k investment at .02 and sold at .12

The Cardano was traded back to BTC and I cashed out some. With only a few exceptions, I usually won't hold anything other than BTC for the long term. Short term is a different story. And no, I would not recommend buying into Cardano now. It may be a great coin and may show further profit then again it may crash and burn tomorrow. Now if it drops to .02 cents again I'll be back in. Though with my luck it'll probably moon now that I'm out of it.

Chris B.

I thought your luck or good management seems to get a pass mark.

[ChrisBFRPKY]

Originally Posted by Samson

I thought your luck or good management seems to get a pass mark.

Nope. Many times a coin goes up more after I sell or I miss the bottom when I buy. It's best to stick with the bird in hand philosophy IMO.

Chris B.

[Mycroft]

https://www.msn.com/en-us/news/polit...cid=uxbndlbing

The Justice Department on Thursday announced that the federal government had seized and dismantled the cyber-enabled cryptocurrency efforts of three major terrorist groups, describing the process as the largest-ever seizure of cryptocurrency with ties to terrorist activities.

I wonder if the government plans to sell these bitcoins, and it it's enough to effect the price?

[Dr.Sid]

Originally Posted by Mycroft

https://www.msn.com/en-us/news/polit...cid=uxbndlbing

The Justice Department on Thursday announced that the federal government had seized and dismantled the cyber-enabled cryptocurrency efforts of three major terrorist groups, describing the process as the largest-ever seizure of cryptocurrency with ties to terrorist activities.

I wonder if the government plans to sell these bitcoins, and it it's enough to effect the price?

Hard to say since we don't know how much is it.

[Chanakya]

Originally Posted by Belz...

Low-hanging Fruit Fallacy.

Originally Posted by Chanakya

Not to take sides in this debate, but good one. We often see this here, and more importantly, IRL as well. If this fallacy hasn't been christened yet, this is as good a name as any.

Apparently that does have a name, already. (Found out, just now, from another thread here.) It's the Mott and Bailey.

Pretty colorful back story to that odd name, too. No, not a pair of comedians and their comedy routine. Apparently it has to do with medieval armies laying siege to forts and all. Some professor coined that fancy name.

[Samson]

Cryptos have entered a bear market.

bitcoin 11380

[The_Animus]

Originally Posted by Samson

Meanwhile bitcoin is poised to crash below production cost of 7k.

That is why Buffet and Munger see rat poison.

Originally Posted by Samson

With bitcoin correlating nicely with Wall Street and a top nicely in place there we can expect a bear market.
Rat poison.

Originally Posted by The_Animus

It's been almost a month since your prediction of crashing below 7k and it hasn't happened. Just make a new guess each month and on the occasions you happen to be right you can once again pretend your TA is worth something.

Originally Posted by Samson

Cryptos have entered a bear market.

bitcoin 11380

It never got anywhere close to your earlier below 7k prediction. And after your last bear market prediction the price actually increased quite a bit. It's almost as if they're no better than a flip of a (bit)coin.

[psionl0]

Originally Posted by Samson

Cryptos have entered a bear market.

bitcoin 11380

So you bumped this thread just to report a normal price variation in bitcoin?

[Dr.Sid]

Well, that's what we do here, right ? It goes up, then it goes down. You can't explain that.

[psionl0]

Originally Posted by Dr.Sid

Well, that's what we do here, right ?

Who's "we"?

Some poster like to report (only) a price fall but by now, they would have to be playing to a pretty dull audience if they think that they are proving something.

[Dr.Sid]

Nah, he's just killing time. So am I.

[Samson]

The 8th big move is underway.

[Samson]

Meanwhile morons will take their Canton of Zug to oblivion, hehehe

https://decrypt.co/40725/swiss-canto...e=trading-view

[psionl0]

Originally Posted by Samson

The 8th big move is underway.

You claimed that bitcoin had entered a bear market last week and the price rose.

[Samson]

Originally Posted by psionl0

You claimed that bitcoin had entered a bear market last week and the price rose.

A bear market starts with the first step of the descent from the highest pinnacle.
The rally failed so the prediction is still live and valid.

[Orphia Nay]

Originally Posted by Samson

A bear market starts with the first step of the descent from the highest pinnacle.
The rally failed so the prediction is still live and valid.

The UK FTSE 100 is up 0.84% so where exactly are we talking about?

[psionl0]

Originally Posted by Samson

A bear market starts with the first step of the descent from the highest pinnacle.
The rally failed so the prediction is still live and valid.

Your lie won't work. The chart is there for everybody to see.

https://coinalyze.net/bitcoin/usd/co...ce-chart-live/

[Samson]

Originally Posted by Orphia Nay

The UK FTSE 100 is up 0.84% so where exactly are we talking about?

Not sure where ftse came into it, which interestingly finished week's session at 5799, a price first traded 2nd february 1998, when bitcoin wasn't even a twinkle.

[Samson]

Originally Posted by psionl0

Your lie won't work. The chart is there for everybody to see.

https://coinalyze.net/bitcoin/usd/co...ce-chart-live/

Post 27 8 at 11380 after the year high of 12473 on 14 8, subsequent high 12067 on 1 9, so the bear market started before my post.

Don't mention it.

[psionl0]

Originally Posted by Samson

Post 27 8 at 11380 after the year high of 12473 on 14 8, subsequent high 12067 on 1 9

Exactly! You tried to classify a steady price rise as a "bear market".

Originally Posted by Samson

so the bear market started price fell before my subsequent post.

ftfy.

[Roger Ramjets]

Originally Posted by psionl0

Exactly! You tried to classify a steady price rise as a "bear market".


Nothing to see here folks. Just another day in the bitcoin price history.

One thing you can be sure of with Bitcoin is that the price is never 'steady'. Short-term price variations are impossible to predict with any degree of certainty, due to the unpredictable behavior of bitcoiners who are driven by sentiment rather than fundamentals.

But that doesn't matter. The important thing is that we are coming up on 3 years since the last peak and still 50% down, and every day closer to seeing John McAfee eat his own dick on live TV!

Or perhaps not.

John McAfee No Longer Willing to Eat His Dick on TV

Quote:

On Saturday, however, McAfee tweeted that he will not eat his own dick on TV, despite his promises, and that the bet was, in fact, a "ruse" to boost Bitcoin's value...

When one follower replied to McAfee's tweet that he will not eat his on dick saying "word is bond john," McAfee exploded: “Wake the **** up. What idiot thinks anyone is going to eat their own dick ever? Especially in TV!! Are you that idiot? God .. I hope none of my followers are that stupid.”

Not that stupid to believe what, John? That Bitcoin will reach $1 million? That you have any idea what you are talking about? But you expected them to swallow the ruse...

But hey, it might happen, right?

Quote:

As of today, January 6, 2020, one Bitcoin is valued at approximately $7,533. The Dickening, a site that tracks the progress of McAfee's bet, estimates that the cryptocurrency would need to grow an average of $2,756 per day for the next 360 days in order to reach $1 million. Unless something extraordinary happens to the world economy in the next 12 months, it is basically guaranteed that McAfee will lose the bet.

Well something extraordinary did happen, which should have immensely favored Bitcoin. But widespread adoption as a currency still eludes it, and it is still too volatile to be a reliable asset. What will it take to propel Bitcoin to the Moon?

[psionl0]

Originally Posted by Roger Ramjets

One thing you can be sure of with Bitcoin is that the price is never 'steady'. Short-term price variations are impossible to predict with any degree of certainty, due to the unpredictable behavior of bitcoiners who are driven by sentiment rather than fundamentals.

Scratched out the bit you made up.

Originally Posted by Roger Ramjets

But that doesn't matter. The important thing is that we are coming up on 3 years since the last peak and still 50% down, and every day closer to seeing John McAfee eat his own dick on live TV!

Or perhaps not.

So John McAfee knows about as much about trends in bitcoin prices as Samson. Big deal! There are heaps of people who think that they know what is going to happen next. Most of the ones on this thread have been humiliated once too often and don't post here any more.

[Samson]

Originally Posted by psionl0

Scratched out the bit you made up.


So John McAfee knows about as much about trends in bitcoin prices as Samson. Big deal! There are heaps of people who think that they know what is going to happen next. Most of the ones on this thread have been humiliated once too often and don't post here any more.

False.
John Mcafee made a prediction that is 2 orders of magnitude unfulfilled.
I try to be very cautious in my accurate predictions.

[psionl0]

Originally Posted by Samson

I try to be very cautious in my accurate predictions.

When you make an accurate prediction I will judge how cautious you were.

[Samson]

Etherium is set for a sppectacular decline, last 328.
I have no idea how its gollum is related to bitcoins gollum.

[psionl0]

Originally Posted by Samson

Etherium is set for a sppectacular decline, last 328.

Will that be as spectacular as bitcoin's no net price movement * over the last 3 weeks?

* It did have a small rally for a while before dropping down again.

[Samson]

Originally Posted by psionl0

Will that be as spectacular as bitcoin's no net price movement * over the last 3 weeks?

* It did have a small rally for a while before dropping down again.

Head and shoulders top.
Sounds like a cliche?
Just sell and find out.

[Samson]

Not sure how this lies in the great crypto hoax.

Industry executives surprised by the news

Leo Weese, the president at The Bitcoin Association of Hong Kong, said he was surprised by the fact that one person could affect an exchange’s entire cold storage multi-sig system. He wrote:

“That one person sits in China holding the keys to an entire offshore cryptocurrency exchange is probably the most surprising thing about this industry I learned this year. That customers don't demand transparency about key management comes in at a close second, though.”

https://cointelegraph.com/news/why-b...on-okex-freeze

[psionl0]

Originally Posted by Samson

Not sure how this lies in the great crypto hoax.

Meanwhile, the average price of bitcoin continues to rise in this crypto "bear market".

Just further evidence that everything you post about bitcoin is the exact opposite of the truth so your opening line means that bitcoin is as real as it gets.

[Samson]

Originally Posted by psionl0

Meanwhile, the average price of bitcoin continues to rise in this crypto "bear market".

Just further evidence that everything you post about bitcoin is the exact opposite of the truth so your opening line means that bitcoin is as real as it gets.

Yes.
I now believe in bitcoin.
Last 15575

[ChrisBFRPKY]

I see several positives at the moment for a continued BTC rise (and all crypto in general). The US election is taking a long time to call and this has made many stock investors nervous.

Depending on the candidate elected the DOW can continue to rise slowly or drop very quickly. If a sell off occurs, and this seems likely at this moment, many will turn those holdings into precious metals and BTC/crypto further inflating the price. Again, depending on the candidate elected.

There will be some that may hold out for increased interest rates but my guess is many won't want the proceeds from their entire portfolio gathering dust for the amount of time needed for rates to climb to a decent level. This could turn even low risk investors in the direction of BTC/alts.

It's a betting game and many have already placed their bets (me too). It's both dangerous and risky but when has that stopped investors seeking a quick return?

Keep in mind that though the stage is set for large gains at the moment, that can change in one news conference leading to a BTC/crypto selloff so I'm keeping one eye on the news and one finger on the sell button.

FYI as a disclaimer I am not currently buying more BTC and have stopped daytrading it. I have my previous number of BTC back up from the 50% sell off at 20K. I am placing my bets on a few alt coins now.

[psionl0]

Originally Posted by ChrisBFRPKY

Depending on the candidate elected the DOW can continue to rise slowly or drop very quickly. If a sell off occurs, and this seems likely at this moment, many will turn those holdings into precious metals and BTC/crypto further inflating the price. Again, depending on the candidate elected.

My understanding is that with the GOP retention of the Senate, confidence in the stock market has increased since it means that even if Biden is elected, he can't do too much harm.

As usual, don't try to factor any of that into future bitcoin prices. Bitcoin follows its own path.

[ChrisBFRPKY]

Looks like we're going to test that theory Monday.

[Roger Ramjets]

Originally Posted by ChrisBFRPKY

I see several positives at the moment for a continued BTC rise (and all crypto in general). The US election is taking a long time to call and this has made many stock investors nervous.

This is it, the kind of political destabilization that Bitcoin needs!

Coronavirus alone didn't do it, but Trump's downplaying it is finally starting to pay off as infections approach 200,000 per day and deaths 2,000 per day. It was a clever ploy by Trump to bolster the 'economy' (ie. speculative investments) but it needed a little more push to really get going. Then he played his ace - brazenly attempting to steal the presidency with bogus legal challenges and pressuring officials to throw the election. And it worked brilliantly! People are rapidly losing faith in our democratic system, and thoughts of a failed government, massive death tolls and civil war are rising rapidly.

Yes, Trump has finally found the combination that will turn the US into a ******** country, which is just what Bitcoin needs to go to the Moon!!!

But how long will it last? If Trump fails to subvert democracy and gets kicked out of the White House next January, Biden manages to calm the people down and sufficient vaccines are deployed to control the virus, will Bitcoin come crashing down again? Nobody knows the answers to these questions, but I suspect it will peak sometime in December or early January. Don't wait too long before selling!

[p0lka]

consistently drops, then rises.

I can see the attraction.

[Dr.Sid]

Originally Posted by Roger Ramjets

This is it, the kind of political destabilization that Bitcoin needs!

Coronavirus alone didn't do it, but Trump's downplaying it is finally starting to pay off as infections approach 200,000 per day and deaths 2,000 per day.

Actually if you look when the last big drop was and since when it just grows .. it was March 13th 2020. It quite as well might be coronavirus driven.

[Roger Ramjets]

Originally Posted by Dr.Sid

Actually if you look when the last big drop was and since when it just grows .. it was March 13th 2020. It quite as well might be coronavirus driven.

Yes, but there were other factors at play too. And while it grew, this was expected even without coronavirus.

I believe it took the combination of a greater than expected coronavirus surge and destabilization of the political system to really make it take off. Trump is responsible for both of these disasters, and if we discover he has huge Bitcoin holdings we will know why. What better position could you be in to manipulate the market?