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Merged Bitcoin - Part 3

p0lka said:
Buying to hold would be daft atm.
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History shows that whenever there has been a major bubble, the price peaked at many times its previous peak and even when the price crashed afterwards, it didn't fall below the previous peak.

If you can afford to gamble then "buy and hold" is a reasonable consideration. Also, buy and sell at 2 or 3 times your purchase price has a reasonable chance of succeeding.
 
psionl0 said:
Bummer! It happened while I was asleep. I wanted to be the one to report when the price broke the $20K barrier.

Just for laughs, I reviewed some of the posts from 2 - 3 years ago. The number of posters who authoritatively said that this will NEVER EVER happen is hilarious.
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What's sad, and not at all hilarious, are the number of people who have no clue that this is about the destruction of the US dollar.
 
Tippit said:
What's sad, and not at all hilarious, are the number of people who have no clue that this is about the destruction of the US dollar.
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Can you elaborate on that?

So far I have only seen kooks make that claim and none of them have been able to explain how.
 
DNT pump on Coinbase Pro running again now if anyone's interested.
 
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psionl0 said:
Can you elaborate on that?

So far I have only seen kooks make that claim and none of them have been able to explain how.
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The evidence, is that asset prices in dollars are skyrocketing everywhere, almost without exception, including bitcoin. What do you think this represents if nothing less than the debasement of the dollar?

If some asset prices somewhere were to rise, and some were to fall correspondingly, then maybe it wouldn't be so obvious. But asset prices have done nothing but rise across the board, from debt to equity, to speculative assets like bitcoin.
 
Tippit said:
The evidence, is that asset prices in dollars are skyrocketing everywhere, almost without exception, including bitcoin. What do you think this represents if nothing less than the debasement of the dollar?
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That's a few rungs lower than "destruction" of the US dollar.

I know that we have perpetual inflation - made necessary by politicians who don't want to live within the government's means. If they had to explain where the money was coming from then their pork barreling would not be so effective. Much better to use the invisible hand of inflation to finance their profligacy. That's why the politicians (and their paid economists) all say this is a good thing.

I thought you were saying that bitcoin would somehow put an end to the US dollar.
 
Looks like another DNT pump getting set up on Coinbase if anyone's interested. Could begin any minute now. My guess is 2:30 am start. CST*
 
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Roger Ramjets said:
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 TVNot 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?



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?
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It is no longer a transactional currency. Transaction times are too slow for that and can never be quick enough. It just exists now because it was first and is more regarded as being valuable in itself. It has an inertia and an infrastructure base that no other CC has ever achieved.
 
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novaphile said:
17,076

Wheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
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Wow. This post was the 27th of November. Fast forward a few days over a month since then and some quick math:

17,076 X 2 = $34,152
BTC was at $34,817 just a couple of hours ago.
 
Roger Ramjets said:
That's nothing for Bitcoin, a mere blip that could easily reverse itself tomorrow.

Some call it 'digital gold', but it isn't really a commodity - and with this volatility it's unlikely to see widespread application as a currency. So what's left? Speculation.

Bitcoin is ideal for making money out of nothing, if you are skilled or lucky enough to beat the other fools. They keep putting money into the pot thinking they will all be winners, but as Bitcoin doesn't create wealth it's a zero sum game. For every 'investor' who gains, others lose, and the price goes up and down according to what they collectively imagine it is worth. Bitcoin's volatility is a hindrance to its original purpose, but speculators love it. The only thing that would damp their enthusiasm would be if it became stable, and then they would have to move on to something else.

Some other cryptocurrencies are more useful and some are more volatile, but none have 'gone to the Moon' like Bitcoins has. Why is this so if they are 'technically' superior? Two reasons:-

1. less 'brand recognition' and lower loyalty. Bitcoin is the original, no others can compare!

2. They haven't got as much money in the pot. Even though you could make just as much trading in other 'coins', Bitcoin has the psychological edge because each one is 'worth' so much.

Apart from that it's got nothing, but psychology is everything in this market...
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If everyone agrees BTC is worth $40,000 then everyone has gained. It's not a zero sum game in that sense. Stocks and shares do that as well.
 
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