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Bitcoin - Part 2

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Woops, bitcoin is breaking down technically.
Please quote this post when I am wrong, but bitcoin will never see 7000 again.

NEVER

I expect it to stabilize at 1000, despite having previously suggested 500 or zero. I think 1000 is generous, but I couldn't bear to think of Winkelvoss twins having to go back to the row boat for income.
 
psionl0 said:
The last panel says "Whatever they sold you" (blockchain or anything else electronic) "bury it" (electronic voting). That is why the cartoon belongs in the electronic voting thread.


That's where your imagination comes in. Bitcoin and electronic voting are two completely different (potential) applications of blockchain technology. The success in one application has nothing to do with the success in the other.
Click to expand...

The problem here is either your lack of imagination, or your desperate need to dissociate blockchain from bitcoin.
 
Samson said:
Woops, bitcoin is breaking down technically.
Please quote this post when I am wrong, but bitcoin will never see 7000 again.

NEVER

I expect it to stabilize at 1000, despite having previously suggested 500 or zero. I think 1000 is generous, but I couldn't bear to think of Winkelvoss twins having to go back to the row boat for income.
Click to expand...

Would stabilizing at any non-zero value be considered a breakdown? Stability might actually lead to it being used as a currency rather than a speculation vehicle.
 
SuburbanTurkey said:
Would stabilizing at any non-zero value be considered a breakdown? Stability might actually lead to it being used as a currency rather than a speculation vehicle.
Click to expand...
Yes, but only if used at its current rate. Since supply is strictly limited, any increase in adoption will cause deflation - which encourages speculation.

But there is a way out of this conundrum. New Bitcoin purchasers must pay only with cash, and that cash must then be immediately destroyed. This will cause fiat currencies to deflate at the same rate, stabilizing the exchange rate. Of course it also means that anyone who sells Bitcoin loses everything, but I'm sure they will gladly make the sacrifice to ensure survival of The Most Important Creation In The History Of Man!
 
The issue is still that Bitcoin, after 10 years, is totally impractical for day to day purchases and I suspect it always will be. For the sake of discussion, I want a Hamburger and Coffee. First, I go through the hoops to acquire some bitcoin, find somewhere to eat that actually takes the things, and then go through more hoops and wait 10 minutes for payment to be approved, pay a transaction fee and I still will not be sure how much I have paid for my Coffee and Burger, because the Bitcoin I spent is converted back into fiat currency for the actual payment.

What can I buy with Bitcoin? Other Crypto's or Fiat. That's about it.

I have a cleaner for my unit, a lawnmower man, and occasionally go to garage sales, and weekend markets. None of these things can and probably never will be practical for this new "currency"

It will yo yo up and down for a long time, and, like gold silver and collectables, the value is only what you can get by converting it back to $'s, Yen or Euros. Because it is nothing more than a speculative product with little practical use (except maybe launder real money)


And the articles I read from the pundits are still suggesting a Bull market coming soon... it is always about to recover and coming soon despite the drop from $19,500 as low as $5,800 this year. It hit $7,000 two weeks ago, and some pundits suggested that "this is it, this is the big recovery". It is back to $6,350 as I type. And the value is always translated back to real world currencies.

If the Stock Market had this sort of volatility, there would be a major inquiry, and the world economy would be in tatters. But it is Bitcoin, and gets a pass, because it is only 10 years old. Just a baby.


Norm
 
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Samson said:
Woops, bitcoin is breaking down technically.
Please quote this post when I am wrong, but bitcoin will never see 7000 again.

NEVER

I expect it to stabilize at 1000, despite having previously suggested 500 or zero. I think 1000 is generous, but I couldn't bear to think of Winkelvoss twins having to go back to the row boat for income.
Click to expand...

Does NEVER have a probability associated with it? 98%, for example?
 
Dr.Sid said:
You mean something specific ? Couldn't find anything in the news. It is dropping, but nothing out of ordinary (so far).
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Samson is one of two nay-sayers from last year who is still posting on this thread.

Who knows? Maybe if he continues predicting the end of bitcoin like he has been doing all along, one day he might be right.
 
fromdownunder said:
The issue is still that Bitcoin, after 10 years, is totally impractical for day to day purchases and I suspect it always will be.
Click to expand...
And water is wet and always will be. It was established long ago in these threads that bitcoin will never be used for much more than speculation or for large scale (probably black market) purchases. Even then, other cryptos like Monero are more suitable if anonymity is the goal.

fromdownunder said:
And the articles I read from the pundits are still suggesting a Bull market coming soon...
Click to expand...
That's funny. All of the cherry picked articles posted on this thread predict a crash.

Predicting bitcoin prices is like picking numbers on a roulette wheel. However, historically, every single investor who held onto their bitcoins has made a large paper profit. Whether those who bought last December will also get ahead is something that only time will tell.
 
trustbutverify said:
Does NEVER have a probability associated with it? 98%, for example?
Click to expand...
I guess at around 80% probability, but I would not bet my life on it. I view the markets technically without trying to understand fundamentals usually, but on bitcoin my fundamental view remains. While there is finite supply of bitcoins, there is infinite supply of crypto coins. The periodic table is finite, so the comparison to gold is fundamentally wrong.
 
psionl0 said:
And water is wet and always will be. It was established long ago in these threads that bitcoin will never be used for much more than speculation or for large scale (probably black market) purchases. Even then, other cryptos like Monero are more suitable if anonymity is the goal.


That's funny. All of the cherry picked articles posted on this thread predict a crash.

Predicting bitcoin prices is like picking numbers on a roulette wheel. However, historically, every single investor who held onto their bitcoins has made a large paper profit.
Click to expand...

This can only be true if no one bought above this price and has since held onto it. Is this your claim?

Or is your claim merely that everyone who bought below this price and held only it since then is doing well? Such a claim is a triviality.
 
fromdownunder said:
The issue is still that Bitcoin, after 10 years, is totally impractical for day to day purchases and I suspect it always will be. For the sake of discussion, I want a Hamburger and Coffee. First, I go through the hoops to acquire some bitcoin, find somewhere to eat that actually takes the things, and then go through more hoops and wait 10 minutes for payment to be approved, pay a transaction fee and I still will not be sure how much I have paid for my Coffee and Burger, because the Bitcoin I spent is converted back into fiat currency for the actual payment.

What can I buy with Bitcoin? Other Crypto's or Fiat. That's about it.

I have a cleaner for my unit, a lawnmower man, and occasionally go to garage sales, and weekend markets. None of these things can and probably never will be practical for this new "currency"

It will yo yo up and down for a long time, and, like gold silver and collectables, the value is only what you can get by converting it back to $'s, Yen or Euros. Because it is nothing more than a speculative product with little practical use (except maybe launder real money)


And the articles I read from the pundits are still suggesting a Bull market coming soon... it is always about to recover and coming soon despite the drop from $19,500 as low as $5,800 this year. It hit $7,000 two weeks ago, and some pundits suggested that "this is it, this is the big recovery". It is back to $6,350 as I type. And the value is always translated back to real world currencies.

If the Stock Market had this sort of volatility, there would be a major inquiry, and the world economy would be in tatters. But it is Bitcoin, and gets a pass, because it is only 10 years old. Just a baby.


Norm
Click to expand...

Hi Norm , you are correct, the day to day use of Bitcoin as a currency is not practical at this time. Bitcoin has become more or less an anchor currency for other faster cryptocurrency. The newer cryptos typically clear much faster and real time transactions are of no concern. BTC, has been shored up so many times with added security and patches, it has become extremely slow.

The best option for practical real time use of bitcoin is trading it. I've been doing it for 5 years now and I've always made money, always... My sons have been trading on the exchanges all in with bots for about a year now and they do pretty well with them. Personally I don't trust bots as I like to make larger transactions controlled by myself at a time of my choosing.

BTC usually fluctuates in price from $100 to $300 daily on the exchanges at this time. I'm not greedy, if 1 BTC is worth $6400 in the morning and it goes up to $6500 in the afternoon, that's $100 in hand. I press the button and sell a few. Likewise, when it goes down $100 or $200, I press the button and buy a few back. It's not difficult and doesn't require anything except patience to make a living doing it.

Chris B.
 
ChrisBFRPKY said:
BTC usually fluctuates in price from $100 to $300 daily on the exchanges at this time. I'm not greedy, if 1 BTC is worth $6400 in the morning and it goes up to $6500 in the afternoon, that's $100 in hand. I press the button and sell a few. Likewise, when it goes down $100 or $200, I press the button and buy a few back. It's not difficult and doesn't require anything except patience to make a living doing it.

Chris B.
Click to expand...
Serous question: how do you know it won't continue to go down after you buy it? Between December last year and now the long-term price has been dropping, so to make money consistently you must predict the short-term lows and highs. So how do you do it?
 
Roger Ramjets said:
Serous question: how do you know it won't continue to go down after you buy it? Between December last year and now the long-term price has been dropping, so to make money consistently you must predict the short-term lows and highs. So how do you do it?
Click to expand...

It was a mistake to buy BTC at the top back in Dec-Jan unless you planned to be a long term holder. I sold 50% of mine at 20K as I thought there was no way it would be higher anytime soon. You have to decide to be a holder and commit to only cash out 50% on good news when you think the BTC price cannot go higher. Hold the rest for a rainy day or a sell out price to quit and buy your own Island.

Day trade with no more than 10% of your holdings. Sell the peaks and buy back on the dips. You can usually buy and sell the same day but sometimes you may have to wait a few days between transactions. Don't get greedy, a $100 profit per coin is plenty.

There is always that chance that BTC will go down when you buy back in. But, you must have the will to hold and never sell at a loss. Sooner or later the price will increase. I bought in when BTC was around $300 and I've mined several as well. I have never sold at a loss. You have to commit yourself or you'll fail.

Nobody can see into the future, but if you hold yourself to a specific set of rules you will not lose on a BTC investment. It's very easy to turn $1000 a day profit trading with just 10 BTC.

While writing this $6261.64 is the current BTC price. Check to see what it is when you read this and think about it.

Chris B.
 
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Roger Ramjets said:
Serous question: how do you know it won't continue to go down after you buy it? Between December last year and now the long-term price has been dropping, so to make money consistently you must predict the short-term lows and highs. So how do you do it?
Click to expand...
You don't have to be right every time to make a profit, just more often than not.

OTOH it was demanded that Samson put up or shut up over his TA so it would only be reasonable to expect ChrisBFRPKY to do the same. It sounds so simple that I may try the exercise myself.
 
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