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Bitcoin crash coming (31 Viewers)

HaRDHouSeiNC said:
Watch the past three cycles
On the nose
Every three years

100-1000
It’s a bubble
2000 - 20,000
It’s a bubble

now more institutional buying and this year coinbase will have an IPO and probably crypto ETF

20-100k
It’s a bubble

I’ll make bets on Jan 2024 once more adoption on top of square and PayPal now take it

50k will be nothing

10K ETH will happen

every PayPal user can’t own one ETH

every millionaire can’t own one BTC

biggest transfer of wealth in history will involve crypto

it’s the internet of money
Click to expand...
Wholecoiner gang B)
 
PlayerADK said:
Wholecoiner gang B)
Click to expand...
Get one BTC and 32 ETH while you can
Buying ETH at 200 was like buying one BTC at 200

Just one cycle behind
It’s following BTC model to the letter and it’s soooooo much more useful the ETH network is revolutionary

I’ll bet anyone today one ETH it’s above 5K in 2024

REVISITING This in 3 years should be pretty epic :)
 
HaRDHouSeiNC said:
Get one BTC and 32 ETH while you can
Buying ETH at 200 was like buying one BTC at 200

Just one cycle behind
It’s following BTC model to the letter and it’s soooooo much more useful the ETH network is revolutionary

I’ll bet anyone today one ETH it’s above 5K in 2024

REVISITING This in 3 years should be pretty epic :)
Click to expand...
Done + done :D
 
SuckoutKing said:
Sure for someone fairly tech savvy sure. But the 75 year old Multi Millionaire who barely knows how to check email. You think they'll invest in BTC?
Click to expand...

They're going to go through a custodial arrangement IE holding on an exchange.
 
ReallyGoodUsername said:
That’s not the odds of a confident bet fwiw :D
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I’m confident that if it’s under 5K I have no problem loosing $200 cost and maybe what it’s then $2000 equity if it’s rhat

who’s confident to say they will go buy one eth at 15K if they loose?

that sounds like scared odds

you could always go buy some and a hardware wallet and learn the system

never so happy I’ve spent 9+ Years leaning it every 3rd January
 
HaRDHouSeiNC said:
I’m confident that if it’s under 5K I have no problem loosing $200 cost and maybe what it’s then $2000 equity if it’s rhat

who’s confident to say they will go buy one eth at 15K if they loose?

that sounds like scared odds

you could always go buy some and a hardware wallet and learn the system

never so happy I’ve spent 9+ Years leaning it every 3rd January
Click to expand...
You're saying you're willing to gamble $150 to win $5000+ aka 1-33.33 which represents a low confidence requirement. Hence why I jokingly offered 1000-1, something only someone with a very high degree of confidence of the event occurring would accept. I have a fair chunk in it already so just a joke so don't worry about it (unless you're very confident then a no brainer :D).

1610418342879.png
 
ReallyGoodUsername said:
You're saying you're willing to gamble $150 to win $5000+ aka 1-33.33 which represents a low confidence requirement. Hence why I jokingly offered 1000-1, something only someone with a very high degree of confidence of the event occurring would accept. I have a fair chunk in it already so just a joke so don't worry about it (unless you're very confident then a no brainer :D).

View attachment 612520
Click to expand...
I mean it was more of an exercise to get people to think about considering it to own some

if you are debt free and have money to invest to me it’s a no brainer

I’m not in it solely to get rich
The application value of crypto is endless

Ever hear of civil asset forfeiture
It’s why the govt fears cryptography they don’t have a back door into
 
The New York Times reports an estimated $140 billions dollars worth of bitcoin is lost / stranded. That is 20% of the total. Still sounds like a profound flaw.

And yes, I would be terrified if most of my wealth was exposed to such risks. All the things that could go wrong. Having to go back to work in order to eat if my housekeeper tossed the wrong thing. And my heirs . . . . Where is grand dad's bit coin wallet? What does it look like? What's the password? Did he make note of this in his will?

I can appreciate how someone holding $100 bucks worth of bitcoin doesn't care about this issue. How a person barely old enough to buy a scratcher might not have experienced enough of life to appreciate the way day-to-day life abrades unexpected things. It is easy to imagine you wouldn't forget such a vital password. Surely no one would trash some strange looking bit of hardware that looks like it should be in the kitchen junk drawer. The kids don't get into mom's office desk, do they?

Amateurs -=- DrStrange

PS: Test from the NTY: "Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it has gotten 70 requests a day from people who want help recovering their riches, three times the number of a month ago.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to access their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything." NY Times, 1/12/2021
 
Lol these problems only occur to those who let it occur. Safety deposit boxes, safes, there are a hundred ways to safely store your private keys/pass phrases.

Yes this may be a hassle to the majority but for current crypto enthusiasts it's common knowledge. And it will need to change for the majority adoption to happen but your arguments don't apply to the common user who truly values security.

If someone keeps their private keys in a junk drawer or on a scrap of paper accessible by anyone other than who you want to access it, that's a major problem and they brought upon themselves.

E/ You're right though - those people are amateurs lmfao
 
PlayerADK said:
Lol these problems only occur to those who let it occur. Safety deposit boxes, safes, there are a hundred ways to safely store your private keys/pass phrases.

Yes this may be a hassle to the majority but for current crypto enthusiasts it's common knowledge. And it will need to change for the majority adoption to happen but your arguments don't apply to the common user who truly values security.

If someone keeps their private keys in a junk drawer or on a scrap of paper accessible by anyone other than who you want to access it, that's a major problem and they brought upon themselves.

E/ You're right though - those people are amateurs lmfao
Click to expand...

Obviously if you are really into it you will most probably avoid these problems. However the risk of it happening and the stories about it will be a legit problem in making outsiders trust the whole crypto thing.
 
DrStrange said:
The New York Times reports an estimated $140 billions dollars worth of bitcoin is lost / stranded. That is 20% of the total. Still sounds like a profound flaw.

And yes, I would be terrified if most of my wealth was exposed to such risks. All the things that could go wrong. Having to go back to work in order to eat if my housekeeper tossed the wrong thing. And my heirs . . . . Where is grand dad's bit coin wallet? What does it look like? What's the password? Did he make note of this in his will?

I can appreciate how someone holding $100 bucks worth of bitcoin doesn't care about this issue. How a person barely old enough to buy a scratcher might not have experienced enough of life to appreciate the way day-to-day life abrades unexpected things. It is easy to imagine you wouldn't forget such a vital password. Surely no one would trash some strange looking bit of hardware that looks like it should be in the kitchen junk drawer. The kids don't get into mom's office desk, do they?

Amateurs -=- DrStrange

PS: Test from the NTY: "Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it has gotten 70 requests a day from people who want help recovering their riches, three times the number of a month ago.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to access their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything." NY Times, 1/12/2021
Click to expand...

All valid criticisms. Crypto currencies are still in their infancy (adolescence?) with the bitcoin white paper only being published in the fall of 2008. If you look at what has been accomplished it is pretty amazing and unprecedented. I am not married to BTC or ETH but the underlying tech is revolutionary and that is what is going to change society in the future. It is important to look to the future and not just focus on what is happening today. There is no doubt in my mind that long term crypto currencies will become widely accepted and society will rely on them to function.

The comparison I always go back to is that of the internet. In the early days it was easy to poke holes in the fledgling project and many people did so, not seeing the future utility. It took a few years but slowly all the critics were silenced as the internet took over the modern world.

Decentralized currency that isn't tied to any political/economic system is so valuable. Gold and silver fill this niche as well but the problem is they aren't easily divisible or transferable relative to crypto currencies. Something that isn't talked about very much is that crypto currencies solve the problem of foreign exchange. Having one currency that is usable everywhere and everyone agrees on the price. BTC and ETH are viewed as highly volatile but I can imagine a day in the future where they are actually more stable than most national fiat currencies.

By and large society has already spoken, people want this. And yeah it might take 5-10 years to iron out some of the weaknesses. It isn't surprising that the 50+ crowd aren't early adopters and there is nothing wrong with that. I am struggling to keep up myself but the benefits far outweigh the perceived problems. We could devote a whole thread talking about the problems of national fiat currencies.
 
If you have a bunch of gold coins, silver bars, rare comic books.... do you keep it in a draw, on your desk or somewhere someone can get to it and accidently throw it out?
average joe would put it in a safe, and that is where hard wallets, hard drives, passcodes etc belong.

Where do i think the weakest link is, it is in the 2FA programs. I lost my phone and the google authenticator wont remember my old keys or i bought a new phone abd traded in my old one before i setup the 2FA transfer. Or dam i needed a QR code for each account?
 
TeamNapoli said:
If you have a bunch of gold coins, silver bars, rare comic books.... do you keep it in a draw, on your desk or somewhere someone can get to it and accidently throw it out?
average joe would put it in a safe, and that is where hard wallets, hard drives, passcodes etc belong.
Click to expand...
If you have a bunch of poker chips worth $500+ per rack which you told your wife cost nothing, where do you put them where she won't accidently throw them out?
 
Darson said:
If you have a bunch of poker chips worth $500+ per rack which you told your wife cost nothing, where do you put them where she won't accidently throw them out?
Click to expand...

oh those rickety things? Honey, I picked those up for a song from some dufus online.

On the other hand dear, if I pass unexpectedly, be sure to verify their value and ship with insurance...
 
BGinGA said:
So crypto overconfidence (and greed) is what will eventually bring paypal down? I'm liking this better every day.
Click to expand...
You can buy BTC on PayPal
So probably not
It’s a store of value
ETH provides smart contracts

I guess you have to know it and participate in it the past ten years to appreciate its use to help avoid inflation
 
DrStrange said:
"Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis.
Click to expand...
Only makes it worth more

Now guess how many coins Satoshi mined that will probably never be available
 
>I can appreciate how someone holding $100 bucks worth of bitcoin doesn't care about this issue.

Congratulations you have solved as to why so many people lost theirs.

Maybe go through the motions of a mental exercise on how you would do it if you were securing 1m? Is it that hard to conceive multiple distributed copies? Sure for mass adoption we must cater to the lowest common denominator, but you are asserting that it is impossible to improve to the point which these issues are not addressed.

The major reason why it isnt addressed is, quite frankly, it is boring and easy to do it safely right now if knowledgable. It isn't sexy to devote time to something that only helps the bottom chunk of users. Only will be implemented when there is money and/or regulation involved. No one is going to go out of the way to lie down in front of you so you can traverse a puddle without getting wet.


>Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything." NY Times, 1/12/2021


So again people who didn't see the value/didn't give a shit at the time.

I myself and guilty of this, odds and ends scattered throughout the years but nothing significant. Probably a few dozen grand left on the table, but all it took was a mental shift.

Lost coins will eventually trend to near zero. Or we could just read the article by Vitalik I linked.
 
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