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Bitcoin - Part 2

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Here is another trip down memory lane:


Bitcoin price predictions 2018: Bitcoin will reach $25,000 in 2018 and $125,000 by 2022


Tom Lee is by-far one of the most prominent cryptocurrency bulls out in the space right now, with regular appearances on mainstream media sources covering topics related to the cryptocurrency industry. On Wednesday, Tom doubled down on his $25,000 prediction and has not wavered in his belief one bit.
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November 18 2018.



https://smartereum.com/3351/bitcoin...25000-by-2022-bitcoin-price-today-sun-nov-18/


Putting it here for the record.


I kind of like this talk it up at all costs article as well


Crypto Markets See Flush of Green as Bitcoin Moves Closer to $5,600

After a steep decline Nov. 14, Bitcoin (BTC) is today showing signs of gentle growth, consolidating its incremental gains in recent days to push the $5,600 price point. As of press time, the leading cryptocurrency is trading at $5,595, up around 0.9 percent on the day, according to CoinMarketCap.


After an brief plummet to $5,371 Nov. 16 — $1,000 dollars lower than its value just two days earlier — Bitcoin has slowly traded sideways and upwards over recent days.
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So, since "at the time of press", Bitcoin was only $800 less than it was three days ago, all is good in Bitcoin land.


Look, I am just a peanut gallery observer in all of this, but I have been following the ups and downs (pretty well all downs) for most of this year, and reading many articles on the topic. It does seem to me that the constant talking up of falls, trumpeting minor recoveries, and excuses for specific falls (the fork of Bitcoin cash being the most recent) would not give me confidence, for most of the talker uppers have a vested interest in an increasing price and are self serving.


If it goes up, it goes up, and if it goes down, it goes down. No skin off my nose either way.


Current price (CCN.com) $5,608.80 and down $50.00 on CCN's close time earlier today, 11:00AM my time.


Norm
 
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Mycroft said:
That's only true if you're very selective at what you're looking at. For the past year it's been in steady decline, and that year is a very significant portion of it's overall history.
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Bitcoin went through precisely the same downward spiral from the end of 2013 (except that the peak was $1100) and that spiral lasted more than 3 years. There is nothing new under the sun.
 
psionl0 said:
Bitcoin went through precisely the same downward spiral from the end of 2013 (except that the peak was $1100) and that spiral lasted more than 3 years. There is nothing new under the sun.
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How many other cryptos were trading in 2013?
 
Edwards and McGee are regarded as the gurus of technical analysis. They would describe charting in terms of warfare.

What we have here is provisioning of an army at a well constructed camp ready for an assault into enemy territory, a picture paints a thousand words , see the assault into grizzly bear country is underway.
 

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Samson said:
Is bitcoin very useful stuff?
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Bitcoin is:
  • fungible
  • portable
  • Easy to transfer across the world in large quantities
  • Able to be secured against all other people including governing authorities
  • partly anonymous
There is obviously a demand for an asset (digital or otherwise) that meets these criteria otherwise it would have been consigned to the software graveyard a long time ago.
 
BTC=$5250.00!!! Got back my day trading coins at $1000 per less. Now let's see if it bites me.
Chris B.
 
psionl0 said:
Bitcoin is:
  • fungible
  • portable
  • Easy to transfer across the world in large quantities
  • Able to be secured against all other people including governing authorities
  • partly anonymous
There is obviously a demand for an asset (digital or otherwise) that meets these criteria otherwise it would have been consigned to the software graveyard a long time ago.
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The wild speculation rush greatly decreases the usefulness of bitcoin for anyone other than speculators.

FOMO buying sprees cause transactions times and fees to skyrocket, making it too expensive for ordinary purchases and too slow to be practical.

Stable alt-coins are probably better currencies. Bitcoin's main draw is for speculators hoping for high volatility.
 
kayle said:
searched, seems not mentioned in this forum -- Initiative Q. has really no one got an invitation here nor posted an invitation? ;) is this place Q-free? great then :)
of course it is nothing like btc, but , well, current and popular
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David Gerard considers it is a pyramid scam, and I tend to agree.
 
$5137 in Coinbase right now, it might be testing 5k today.

The problem with Bitcoin as speculative investment is that it is easy to manipulate. As the SEC has been biting ICOs, and the trouble with Tether, it has become clear that there will be further drops, at least for the next week. HODL and FOMO cannot hold the fort any more.
 
psionl0 said:
Speculators are going to speculate. Still, without any of the listed properties, the speculation wouldn't have even started.
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Bitcoin volatility is a serious problem for anyone who actually wants to use it as currency. A currencies value ought to be predictable and fairly stable, or else no one will want to hold it besides speculators.

Some podcast told a story about an old lady who became a victim of a ransomware attack. Her computer had been encrypted by the malware and she was instructed to pay via Bitcoin. After figuring out what Bitcoin was (she was not tech savvy), she found a bitcoin kiosk that converted cash to bitcoin. By the next day, when she went to make the payment online, the price of bitcoin had fallen and she no longer had enough to make the ransom payment. Luckily, the scammer had a heart and accepted her partial payment and un-encrypted the computer. Seems like a good summary of bitcoin to me: unstable, clunky to use, and preferred by the black market.

How much is Bitcoin actually being used to make purchases? Is most of it changing hands between speculators? Of those purchases, how much of it is small purchases? How many of these purchases are ordinary purchases and not blackmarket? I imagine not much.
 
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LlamaDrama said:
David Gerard considers it is a pyramid scam, and I tend to agree.
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so far it is just collecting e-mail addresses. maybe Mr. Wilf sees it as a fun game? He (they?) has stated clearly that your Qs may or may not be paid with 'real money' in future. or even paid with real Qs if they take over the world's currency system (ding-dong). looks like those flash casino games where you win all the time and have 100 of thousands in credit.
 
psionl0 said:
Bitcoin went through precisely the same downward spiral from the end of 2013 (except that the peak was $1100) and that spiral lasted more than 3 years. There is nothing new under the sun.
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A reliable indicator of future performance? Or pareidolia?

I'm pretty certain it's not the first option.
 
ChrisBFRPKY said:
"Banal" good word. Looks like I peaked your interest though so perhaps a slight misuse......

Please continue to not invest in BTC, it's obviously the right decision for you not to. I'm sure you've worked out it's all a scam anyway. :thumbsup:

Chris B.
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It's not about investing or not, it's about your unsupportable statements guaranteeing profit if only you hold on long enough. Those claims are borderline fraudulent.

If you think you can make money with bitcoin, either by day-trading or buying and holding on, go for it. Just don't lie to people by telling them it's a guaranteed money-maker. It's not.
 
SuburbanTurkey said:
Bitcoin volatility is a serious problem for anyone who actually wants to use it as currency. A currencies value ought to be predictable and fairly stable, or else no one will want to hold it besides speculators.

Some podcast told a story about an old lady who became a victim of a ransomware attack. Her computer had been encrypted by the malware and she was instructed to pay via Bitcoin. After figuring out what Bitcoin was (she was not tech savvy), she found a bitcoin kiosk that converted cash to bitcoin. By the next day, when she went to make the payment online, the price of bitcoin had fallen and she no longer had enough to make the ransom payment. Luckily, the scammer had a heart and accepted her partial payment and un-encrypted the computer. Seems like a good summary of bitcoin to me: unstable, clunky to use, and preferred by the black market.

How much is Bitcoin actually being used to make purchases? Is most of it changing hands between speculators? Of those purchases, how much of it is small purchases? How many of these purchases are ordinary purchases and not blackmarket? I imagine not much.
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Are you arguing that bitcoin doesn't have the properties I have listed?
 
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