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Old 31st January 2021, 08:17 PM   #961
lomiller
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Originally Posted by ChrisBFRPKY View Post
Let's look at it this way, if I were to join your objection on this point about the name not being listed and further add that an IP address does not list the user's name either. See where I'm going?
I've no idea where you are going. Knowing an IP address is typically not all that useful for tracking a cyber crime back to it's perpetrator. You track it back to a server hosted by Amazon or Microsoft, then what?

Originally Posted by ChrisBFRPKY View Post

My point to address your objection is that Law Enforcement is not deterred by the missing name from the BTC transactions when they trace them, the name will eventually be revealed and the transactions on the blockchain are used as evidence of criminal activity for prosecution.
You've yet to explain how you think this can happen, explain why criminals have taken to using bitcoin for their transactions or give examples where they have been tacked and caught.
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Old 31st January 2021, 10:53 PM   #962
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https://www.sciencemag.org/news/2016...behind-bitcoin

It's an older article but it does a good job of explaining some of the methods present day law enforcement use to identify criminals when BTC is used as a payment method for criminal activity. It also covers the Silk Road creator's apprehension.



Also, about the IP address, it's a direct link to your home address. Try iplocation.net website to see what you find out. Imagine the next step LE would take if they had a case against you.
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Old 1st February 2021, 02:14 AM   #963
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It's confirmed Elon Musk is now vested in Bitcoin.

His tweet:

"I am late to the party but I am a supporter of #Bitcoin." - Elon Musk
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Old 1st February 2021, 02:27 PM   #964
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Originally Posted by ChrisBFRPKY View Post
It's confirmed Elon Musk is now vested in Bitcoin.
His tweet:
"I am late to the party but I am a supporter of #Bitcoin." - Elon Musk
Being "supporter" does not imply he has any amount of Bitcoin.

BTW he seems to either not know/understand environmental cost of cryptocurrency mining or thinks advantages of Bitcoin (whatever they are) overweight environmental cost.
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Old 1st February 2021, 03:06 PM   #965
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Originally Posted by Mader Levap View Post
BTW he seems to either not know/understand environmental cost of cryptocurrency mining or thinks advantages of Bitcoin (whatever they are) overweight environmental cost.
What part of his tweet lead you to that conclusion?
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Old 1st February 2021, 07:31 PM   #966
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Originally Posted by Mader Levap View Post
Being "supporter" does not imply he has any amount of Bitcoin.

BTW he seems to either not know/understand environmental cost of cryptocurrency mining or thinks advantages of Bitcoin (whatever they are) overweight environmental cost.


Let's go there, BTC mining costs compared to Gold mining costs....and the environmental damage of each...I can see a clear winner already. If you own Gold, you're killing the environment in many different ways. Fossil fuels, water pollution, damage to wildlife habitats. If you own BTC you're promoting the use and creation of renewable energy with little to no carbon footprint on the environment.

Long story short, I can mine BTC in my garage (and heat it in the Winter) with one miner running on solar energy. I can't do that with Gold. To mine Gold, I'll need to lease some land to ravage and I'll need some running water to pollute and further destroy wildlife habitats. I'll need to bring in earth moving equipment that runs on diesel, not sunshine. Should I really go on?

Last edited by ChrisBFRPKY; 1st February 2021 at 07:33 PM. Reason: added info
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Old 2nd February 2021, 01:20 AM   #967
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Here's the latest electric bill of an energy wasting BTC miner (me). Yes that's a minus in front of the amount due. My electric company owes me $626.74 for power they received from me in January 2021. How much does your electric company pay you each month to NOT mine BTC?
Solar and Bitcoin, a match made in Heaven....

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Old 2nd February 2021, 02:41 AM   #968
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Originally Posted by ChrisBFRPKY View Post
Here's the latest electric bill of an energy wasting BTC miner (me). Yes that's a minus in front of the amount due. My electric company owes me $626.74 for power they received from me in January 2021. How much does your electric company pay you each month to NOT mine BTC?
Solar and Bitcoin, a match made in Heaven....
How much more electricity would you be able to put into the grid if you weren't mining for bitcoins?

That is how much less fossil fueled electricity we could be generating.
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Old 2nd February 2021, 04:06 PM   #969
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Originally Posted by psionl0 View Post
What part of his tweet lead you to that conclusion?
You seem to not understand what I wrote. It happens, especially if reader has vested interest in not understanding what I said. shrug
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Old 2nd February 2021, 04:44 PM   #970
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Originally Posted by psionl0 View Post
How much more electricity would you be able to put into the grid if you weren't mining for bitcoins?

That is how much less fossil fueled electricity we could be generating.
I add more miners as I add more solar panels. It's been an ongoing process over several years and although I've done the math, I don't want to put too fine a point on it here. I found that the most profitable BTC mining operations rely heavily on solar, the little guy (me) can too.

This latest flub was the result of moving a few miners from the old place to heat the garage at the new place. This happens when people (me) neglect to use math.

Full disclosure, the electric company will not actually send me a check for the overage. It will continue to show as a credit until I/we use it, which will be very soon. I enjoy the heat from the visiting miners here but they're going back tomorrow with a couple of comrades hopefully.

I love solar (I know you do too). I want everyone to use it if possible. It's not that expensive as used panels work just as good as new ones and the used 240/250 watt panels are now around $35 each.

I encourage everyone to try at least one panel. Even if they rent and aren't allowed to install panels, just lean a panel against the South side of the dwelling, run the wires thru a window. There's only two wires that connect to a small grid tie inverter, and it just plugs into the wall like any other appliance, presto, you're saving the World.
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Old 3rd February 2021, 10:58 AM   #971
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Originally Posted by Mader Levap View Post
You seem to not understand what I wrote. It happens, especially if reader has vested interest in not understanding what I said. shrug
You inability to make yourself understood is your fault.

If you are simply saying that Musk puts profits ahead of the environment then - DUH!
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Old 3rd February 2021, 11:05 AM   #972
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Originally Posted by ChrisBFRPKY View Post
I add more miners as I add more solar panels. It's been an ongoing process over several years and although I've done the math, I don't want to put too fine a point on it here. I found that the most profitable BTC mining operations rely heavily on solar, the little guy (me) can too.
You are completely missing the point.

With extra solar panels, you could be selling electricity to the grid and reducing the need for fossil fueled generators but instead, you are using it to mine for bitcoins.

I know it makes economic sense. Electricity providers tend not to pay well for electricity supplied by solar households and even then, it is usually for credits rather than cash. However, it doesn't change the fact that the environment falls a poor second in the priority stakes.
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Old 3rd February 2021, 04:30 PM   #973
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In my view the reason for solar is to reduce or eliminate my own carbon footprint. If I'm not purchasing power made by coal and instead create my own made with sunshine, I'm doing my part both economically and environmentally to make the World a better place.

I can't be expected to do everyone else's part too. That's up to the individual.

Now don't get me wrong, if my power company had a program to purchase energy from renewables at a fair price I'd be all in to install acres and acres of panels for that purpose. But, they don't, instead they devise questionable ways to profit from your solar. The best I can hope for is a partial credit in which they pay me in KWH credits a lesser amount per KWH than they sell it back. Or they sell that excess power to other customers at an increased rate because it's "Green". Power companies have a funny way of taking the excess power you produce on the cheap and profiting from it themselves. The best policy is to use what you produce and keep them out of the equation completely. Or you can choose to bend over and get ready. I've only had dealings with 2 electric companies regarding solar energy production, both are complete crooks. I found thru a few searches I'm not alone in this opinion/experience.
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Old 3rd February 2021, 06:15 PM   #974
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Originally Posted by ChrisBFRPKY View Post
In my view the reason for solar is to reduce or eliminate my own carbon footprint. If I'm not purchasing power made by coal and instead create my own made with sunshine, I'm doing my part both economically and environmentally to make the World a better place.
No matter how much you might try to mitigate it with solar panels, the fact is that you are increasing global electricity consumption by mining for bitcoins.
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Old 3rd February 2021, 06:58 PM   #975
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Originally Posted by psionl0 View Post
No matter how much you might try to mitigate it with solar panels, the fact is that you are increasing global electricity consumption by mining for bitcoins.
With that type of thinking I'd also be increasing global fuel consumption by driving an EV. There's something not exactly right about that.
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Old 3rd February 2021, 07:34 PM   #976
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Originally Posted by ChrisBFRPKY View Post
With that type of thinking I'd also be increasing global fuel consumption by driving an EV. There's something not exactly right about that.
If you weren't previously driving a vehicle then it would be exactly right.

Switching to an EV might appear to be an environmentally sound move but the electricity still needs to be generated from somewhere (unless you turn off your bitcoin miners ).

The point is that solar panels don't give you open slather to dramatically increase your electricity generation.
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Old 5th February 2021, 08:08 PM   #977
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As we approach $40K again, I'm starting to feel just a wee bit of pre-regret.....I suppose the next 24 hours will likely reveal whether I can move on to full-regret mode or not.
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Old 8th February 2021, 03:16 AM   #978
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When I sold 50% of my BTC in Jan, I was certain that was near the top and soon we'd go down to rebuy level.

Since then I admit I'm not sure now what to make of the charts. It doesn't make any sense to "me" now. I think there are too many random variables that are making this market impossible to read.

Is anybody else having difficulty reading this market? Or is it just me?
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Old 8th February 2021, 03:44 AM   #979
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Originally Posted by ChrisBFRPKY View Post
When I sold 50% of my BTC in Jan, I was certain that was near the top and soon we'd go down to rebuy level.

Since then I admit I'm not sure now what to make of the charts. It doesn't make any sense to "me" now. I think there are too many random variables that are making this market impossible to read.

Is anybody else having difficulty reading this market? Or is it just me?
If everybody could read the price, everybody would make money. How would that work ?
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Old 8th February 2021, 06:16 AM   #980
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Originally Posted by Dr.Sid View Post
If everybody could read the price, everybody would make money. How would that work ?
It just went from $39,100 to $43,773 in the space of 30 minutes. 6:30 to 7:00 AM CST. Now at 7:25 AM CST $44,600 and rising.



Added info: Oh, I see now, Tesla just purchased 1.5 Billion in Bitcoin.

And now I think I see why the charts are off. BTC price hovering at $43,700 It must be a buy in manipulation software. It's not a bot, it's a program designed to defeat bots and humans that allows a large buy in without moving the market. It takes several minutes to complete 1 buy in and uses multiple buy and sell transactions to keep the price steady while the purchase is being made. This has been responsible for the manipulation in the charts. I see what the 15 minute candle looks like now after this process has completed. A short wick on the top and bottom with the price indicator centered. Gotcha now.

Last edited by ChrisBFRPKY; 8th February 2021 at 06:36 AM. Reason: added info
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Old 8th February 2021, 02:17 PM   #981
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A feature of this rally from 4k to 40k is the lack of news stories.
While I always thought Buffet and Munger would be proved correct I realised at about 13k I was wrong.
Congratulations to all those cleverer than the naysayers.
I will be surprised if the 500k does not come to pass in a few years, so FOMO should not be in play.

Last edited by Samson; 8th February 2021 at 02:19 PM.
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Old 8th February 2021, 04:08 PM   #982
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Back to the thread topic, bitcoin rises to $45,000 after Musk/Tesla buy 1.5 billion in it.

It's all over the news so I don't have one good link.

My son bought some amount I don't know a while back, I'll have to ask him. I had him buy $100 worth a couple weeks ago and it had already risen to $140.

I don't have enough to invest but he does. One of his coworkers at his last job (Hitachi) got rich from Bitcoin after the last bubbly-thingy. It made it more tempting.

Last edited by Skeptic Ginger; 8th February 2021 at 04:12 PM.
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Old 8th February 2021, 04:58 PM   #983
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Originally Posted by Samson View Post
A feature of this rally from 4k to 40k is the lack of news stories.
While I always thought Buffet and Munger would be proved correct I realised at about 13k I was wrong.
Congratulations to all those cleverer than the naysayers.
I will be surprised if the 500k does not come to pass in a few years, so FOMO should not be in play.
There's a news story now.
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Old 8th February 2021, 05:19 PM   #984
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Originally Posted by Samson View Post
I will consume an appendage if bitcoin does not see 20,000 shortly.
Originally Posted by Samson View Post
I will be surprised if the 500k does not come to pass in a few years, so FOMO should not be in play.
Eating crow is not the same as consuming an appendage.
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Old 8th February 2021, 05:28 PM   #985
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Originally Posted by psionl0 View Post
Eating crow is not the same as consuming an appendage.
20k was perfectly possible in a bitcoin bull trend, but I now think it is unlikely ever.

An appendage is defined as an extra part that is attached to something. An example of an appendage is a leaf added to a dining table for extension.


The impossible may take a little while, will give progress reports.
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Old 8th February 2021, 05:28 PM   #986
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Originally Posted by ChrisBFRPKY View Post
It just went from $39,100 to $43,773 in the space of 30 minutes. 6:30 to 7:00 AM CST. Now at 7:25 AM CST $44,600 and rising.



Added info: Oh, I see now, Tesla just purchased 1.5 Billion in Bitcoin.

And now I think I see why the charts are off. BTC price hovering at $43,700 It must be a buy in manipulation software. It's not a bot, it's a program designed to defeat bots and humans that allows a large buy in without moving the market. It takes several minutes to complete 1 buy in and uses multiple buy and sell transactions to keep the price steady while the purchase is being made. This has been responsible for the manipulation in the charts. I see what the 15 minute candle looks like now after this process has completed. A short wick on the top and bottom with the price indicator centered. Gotcha now.
$46,744.20 now.

Elon Musk has actually been promoting Dogecoin on his Twitter. No mention of BTC.

He also just announced a $100 Million Carbon Capture technology prize.

https://twitter.com/elonmusk/status/...314322433?s=20
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Old 8th February 2021, 06:18 PM   #987
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Part of me can't help thinking Musk noted the Gamestop stock event and said to himself, If I invest a billion.five and cause a little run on Bitcoin I can double my billion in a couple weeks.


My question is however, (humor me I am a novice here) can Musk turn that bitcoin back into cash instantly? Or does it depend on people buying the equivalent of his shares?
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Old 8th February 2021, 06:32 PM   #988
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Originally Posted by Orphia Nay View Post
$46,744.20 now.

Elon Musk has actually been promoting Dogecoin on his Twitter. No mention of BTC.

He also just announced a $100 Million Carbon Capture technology prize.

https://twitter.com/elonmusk/status/...314322433?s=20
The DOGE coin antics are a joke.

The tweet about LOKI was funny. Some say it's a comparison of himself to a mythical figure of mischief, I think most people are as sharp as oxen when it comes to cryptic messages.

Elon placed a hashtag #Bitcoin in his twitter bio a few days ago with a brief message that caused a surge in price. He also announced he supports Bitcoin. Now Tesla buying in $1.5 Billion in BTC and accepting payment in BTC is good news and proves beyond any doubt Musk is on board.

I wouldn't count on many tweets about BTC now. He won't say too much about a specific investment that he is in after the SEC fined the crap out of him awhile back for basically nothing. It's ok he can afford it. His tweets can move markets and he knows this. That's why it's a big deal now that he's a Bitcoin supporter.

Last edited by ChrisBFRPKY; 8th February 2021 at 06:36 PM. Reason: sp
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Old 8th February 2021, 06:51 PM   #989
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Originally Posted by Skeptic Ginger View Post
Part of me can't help thinking Musk noted the Gamestop stock event and said to himself, If I invest a billion.five and cause a little run on Bitcoin I can double my billion in a couple weeks.


My question is however, (humor me I am a novice here) can Musk turn that bitcoin back into cash instantly? Or does it depend on people buying the equivalent of his shares?
Yes, you can convert Bitcoin back into cash instantly and vice versa. Millions are not a problem, billions are not a problem either. You don't even have to participate in a trading market, just click the mouse. Coinbase is a good place to start.

Last edited by ChrisBFRPKY; 8th February 2021 at 07:01 PM. Reason: tmi
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Old 8th February 2021, 06:59 PM   #990
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Originally Posted by psionl0 View Post
Eating crow is not the same as consuming an appendage.
I recommended the pickled pigs feet. He may find them enjoyable if he doesn't think about it too much. Kinda like bologna and hot dogs. I like 'em.
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Old 8th February 2021, 07:11 PM   #991
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Originally Posted by Samson View Post
An example of an appendage is a leaf added to a dining table for extension.
And the backtracking begins.
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Old 8th February 2021, 11:00 PM   #992
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Though technically correct, perhaps a bit dishonest. If one offers to consume an appendage if "X" happens, to me it always refers to an extremity, a body part, like hands, fingers, arms, feet etc. Which is why I brought up the pickled pigs feet for an easy face saving solution as there was no specific mention to consume "his own" appendage. (Even if that saying typically implies this.)

Of course it could simply be a cultural difference that eludes me. I will admit that I was wrong to sell half my bag. It was a mistake.

“The only real mistake is the one from which we learn nothing.”
Henry Ford Lesson learned.
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Old 8th February 2021, 11:12 PM   #993
Samson
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Originally Posted by ChrisBFRPKY View Post
Though technically correct, perhaps a bit dishonest. If one offers to consume an appendage if "X" happens, to me it always refers to an extremity, a body part, like hands, fingers, arms, feet etc. Which is why I brought up the pickled pigs feet for an easy face saving solution as there was no specific mention to consume "his own" appendage. (Even if that saying typically implies this.)

Of course it could simply be a cultural difference that eludes me. I will admit that I was wrong to sell half my bag. It was a mistake.

“The only real mistake is the one from which we learn nothing.”
Henry Ford Lesson learned.
There are appendages and appendages.
John McAfee I think is minus one despite being eventually correct.
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Old 9th February 2021, 12:22 AM   #994
ChrisBFRPKY
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Originally Posted by Samson View Post
There are appendages and appendages.
John McAfee I think is minus one despite being eventually correct.
I think this is affectionately referred to as "The Dickening" in search engines. Hilarious.

Meanwhile the price of BTC is still pumping.

I wonder if anyone realizes that Elon bought the BTC for Tesla in January?
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Old 9th February 2021, 12:52 AM   #995
Samson
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Originally Posted by ChrisBFRPKY View Post
I think this is affectionately referred to as "The Dickening" in search engines. Hilarious.
Discretion is the better part of valour.... but way less fun.
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Old 9th February 2021, 07:46 AM   #996
trustbutverify
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Originally Posted by Samson View Post
I will consume an appendage if bitcoin does not see 20,000 shortly.
Define "shortly".

Given your catastrophic (and hilarious) record of complete market incompetence, maybe it's time to retire from the prediction biz?
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Old 9th February 2021, 06:38 PM   #997
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I think Samson was safe to say the market will go down after this bull run is over. It has always dropped and traded near the prior bull market highs. As was my intention to rebuy some BTC hopefully in the mid to upper 20's.

But we're in a different situation here that's hard to read. We're still setting new all time highs after what appeared to be the transition into a bear market, again turned bullish in a big way. It's quite a bit different than prior market runs. I expect we're going to see some surprising new all time highs before it's over, then we may see the drop for rebuys, but I believe it unlikely we'll ever see a correction to the low 20's again. I would be so happy to be wrong.
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Old 9th February 2021, 10:09 PM   #998
psionl0
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Originally Posted by ChrisBFRPKY View Post
I think Samson was safe to say the market will go down after this bull run is over.
That's like saying "water is wet". This was a much more specific prediction - unless you contend that "soon" means within the next 1,000 years.

Originally Posted by ChrisBFRPKY View Post
But we're in a different situation here that's hard to read. We're still setting new all time highs after what appeared to be the transition into a bear market, again turned bullish in a big way. It's quite a bit different than prior market runs. I expect we're going to see some surprising new all time highs before it's over, then we may see the drop for rebuys, but I believe it unlikely we'll ever see a correction to the low 20's again. I would be so happy to be wrong.
Actually it isn't. Although no two bubbles are exactly the same, a look at the 2017 bubble shows that a 10 fold increase in the price from the start of the bubble to the peak is not that unlikely. Admittedly, Elon Musk is a confounding factor (but there may have been whale like individuals involved in previous bubbles).
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Old 9th February 2021, 10:32 PM   #999
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Originally Posted by ChrisBFRPKY View Post
Yes, you can convert Bitcoin back into cash instantly and vice versa. Millions are not a problem, billions are not a problem either. You don't even have to participate in a trading market, just click the mouse. Coinbase is a good place to start.
A bitcoin transaction takes somewhere around 10 minutes. This makes if fine for buying a Tesla but a horrible currency for buying a cup of coffee or tickets to a bitcoin convention.

I love Tesla but I think this move is completely insane. I think the whole thing is insane. I agree with Buffet that bitcoin is poison but, like North Korea, its crash just never seems to happen
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Old 9th February 2021, 10:56 PM   #1000
ChrisBFRPKY
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Originally Posted by psionl0 View Post
That's like saying "water is wet". This was a much more specific prediction - unless you contend that "soon" means within the next 1,000 years.


Actually it isn't. Although no two bubbles are exactly the same, a look at the 2017 bubble shows that a 10 fold increase in the price from the start of the bubble to the peak is not that unlikely. Admittedly, Elon Musk is a confounding factor (but there may have been whale like individuals involved in previous bubbles).
Yes, everyone knows there will be a deflation of the bubble sooner or later. Hence the reason his comment was a safe one at that point.

However, picking out a price we're going to correct to and when is another issue. Since we're still apparently in a bull market, the new low may be the previous high of this run prior to the bearish break.

I missed it by using the 2017/2018 run as a model. This run is completely different at this point and we're well past anything to compare with from 2017/2018. There is one possibility but I've rejected it as I cannot reasonably accept. If we're going there, I don't care if I can rebuy that 50% or not. water under the bridge. If I had any hair left I would have probably pulled it out by now.

Originally Posted by portlandatheist View Post
A bitcoin transaction takes somewhere around 10 minutes. This makes if fine for buying a Tesla but a horrible currency for buying a cup of coffee or tickets to a bitcoin convention.

I love Tesla but I think this move is completely insane. I think the whole thing is insane. I agree with Buffet that bitcoin is poison but, like North Korea, its crash just never seems to happen
A transaction on Coinbase is instant, no waiting if your coins are already there. As are transactions for the crypto based cards instant. The transactions on the cards actually clear faster than normal card transactions from a bank.

Bitcoin isn't for everyone. I find it more enjoyable and productive to listen to Jimmy Buffet rather than Warren. Because of the generation gap, he really doesn't know what he's talking about. Literally, he doesn't know how it works and it scares him. Ask Warren how he did on his oil stocks back in March 2020....He should have bought Bitcoin.
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