Bitcoin crash coming (38 Viewers)

[BNM]

Crypto is pure speculation for the majority of folks. The true “believers” are pie-in-sky types but they make up a small number of crypto holders. It represents the far, far right side of the bell curve of places to plant your precious savings and try to earn a return. Get rich Ponzi schemes always are attractive to a select set of the population. Those people are usually bled dry. It’s sad but avoidable if people do a little research. But, a lot won’t.

 

[BNM]

See here is the problem wrapped up all in the posts.
Instead of looking at it as an investment it should be seen as a decentralized currency, where a canadian prime minister cant seize the funds of people who disagree with his politics or an american president and congress spending more money than their mint can actually print.
Bitcoin didnt grow in value initially due to people investing in the product hoping to see its value grow by other speculators.
Bitcoin was the "unofficial" currency of silk roads, the value grew due to the demand for the currency outgrew the available units.

sidenote: If I remember correctly at the time of the the arrest of Ross Ulbricht, the fbi siezed 145000 bitcoins. I wonder if somewhere in an evidence locker sits a hard drive with todays value of (145000*30000) 4.35 billion dollars. Are the passwords of the wallets written down in some court document?
I also believe Ulbricht should be set free; as he was railroaded by the US FBI and IRS as to make an example of him. No evidence that he was involved in any actual dealings was ever presented and all his crimes were conspiracy based.

^^^True Believer^^^

 

[DrStrange]

Be mindful that unregulated financial products carry a special risk of frauds / scams / market manipulation. It is very much like stock markets in the late 1800s - free market capitalism at its most vicious. With trillions of dollars at stake and minimal legal recourse / consequences it is expected that all sorts of slimy things are going to happen. The "big boys" are coming to kick in your teeth and take your toys.

I am torn between feeling sorry for the little guy who gets crushed by professional market manipulators and think the rubes got what they deserved by getting in the ocean with the sharks.

No crying when the bullies take your lunch money -=- DrStrange

 

[Geremie]

Recently finalized a 3-year BTC-based loan valued at C$49k/coin — interest payable annually with option to repay 1/3 principal each year.

Used the proceeds to purchase long-term puts (2022-2023) on TSLA.

Tulips baby!!!

So awesome…loan repayment is C$12K/BTC cheaper

And the TSLA puts (12/16/2022 @870, 1/20/2023 @860) are in the money too

 

[Lemonzest]

it should be seen as a decentralized currency, where a Canadian prime minister cant seize the funds of people who disagree with his politics

One of the problems with BTC is the lack of privacy. I am interested in Monero (XMR) and other privacy projects that function as decentralized currency while offering protection from oppressive regimes like JT in Canada.

 

[ktran]

One of the problems with BTC is the lack of privacy. I am interested in Monero (XMR) and other privacy projects that function as decentralized currency while offering protection from oppressive regimes like JT in Canada.

I do think Bitcoin is for financial means. It's to slow of transfer. Right now it's just got security. There are plenty other crypto that are suitable for money transfers. Yes Monero and other private coins do the job. Also not every transaction is visible without an audit. Not sure if this applies to Bitcoin though. Transparency is not bad when it comes to the government, but it also leaves the public more in danger.

 

[TeamNapoli]

One of the problems with BTC is the lack of privacy. I am interested in Monero (XMR) and other privacy projects that function as decentralized currency while offering protection from oppressive regimes like JT in Canada.

I totally agree and have been a big supporter of monero from the get go.

 

[BNM]

Is it used as money/currency or not?

 

[TeamNapoli]

yes it can .. even better utilizing peer to peer and ring signatures, more efficient algo (not an energy pig) than btc and eth
big problem is countries like the U.S. hate it and have even offered bounties for anyone who can crack it

 

[DirtyTIVA]

yes it can .. even better utilizing peer to peer, more efficient algo (not an energy pig) than btc and eth
big problem is countries like the U.S. hate it

There’s a reason the US doesn’t print bills larger than $100 and the EU stopped printing the 500€ note. Governments simply don’t want sizable amounts of money to move undetected/untaxed easily. Fiscal policy is a potent lever for them and conveniently they get to draft all the laws. So I don’t see legitimate government ever embracing something so antithetical.

For example I’m probably going to have to pay California sales tax on a watch I imported from Europe. After I paid VAT there (couldn’t get out of it) and import duties. You think the government is suddenly going to embrace the idea of me making this purchase under their taxation noses? Or heck whilst avoiding the exchange fees levied by Chase and Adyen?

 

[TeamNapoli]

i understand the government's view, trafficker's, terrorists will use it for bad things taxes will be lost etc...

So fortunate that the US currency has never been used to pay someone under the table, or purchase things cash with no sales tax (diamond district in NYC for example) or that the trafficker's and terrorists refuse to use the US dollar

And yes they would loose all control , but isnt that the point of decentralization

 

[DirtyTIVA]

And yes they would loose all control , but isnt that the point of decentralization

It is. And exactly why they’re never going to let it happen. In my opinion of course. Small stuff like World of Warcraft gold sold for cash no one cares about. A trillion+ market that offers no societal value and arguably encourages rampant gambling behavior is a different matter.

 

[TeamNapoli]

totally agree but how would they stop it? they may impede its growth but can they actually stop it

 

[Darson]

It's been a while but here's the current state of my $60:

 

[BNM]

yes it can .. even better utilizing peer to peer and ring signatures, more efficient algo (not an energy pig) than btc and eth
big problem is countries like the U.S. hate it and have even offered bounties for anyone who can crack it

It is effectively not/not used as money.

 

[BNM]

totally agree but how would they stop it? they may impede its growth but can they actually stop it

How does anyone with power stop anything? Also, there is a highly functional option currently.

 

[BNM]

It's been a while but here's the current state of my $60:

View attachment 916163

When did you invest that $60?

 

[HaRDHouSeiNC]

totally agree but how would they stop it? they may impede its growth but can they actually stop it

I mean prohibition worked so well I’m sure they could try and ban it or regulate it into being useless. Given the huge network of jobs and use and now NFTs aka digital property changing hands I don’t think that would go well.

They will try and globalize / inflate / monetize the debt by starting a digital dollar and Euro the FED / govt can track and control. I hope that never happens or RIP the economies around the world

 

[Darson]

When did you invest that $60?

Jan 11th 2021:

I had $63 in my PayPal balance so I just bought $20 each of Bitcoin, Etherium and Litecoin for a laugh. Will be interesting to see what happens to it over the next few months. Gambol!

 

[BNM]

In 18 months:

 

[HaRDHouSeiNC]

Jan 11th 2021:

60$ of BTC back early on would be 30k today

Even $200 ETH was a screaming deal even now

 

[DrStrange]

Dreams of potential past performance of bitcoin are pointless except for the pleasure of mental masturbation. The relevant questions revolve around current values and likely future valuations.

While it is entirely possible that crypto coins are exceptionally cheap today, that is in no way obvious. I don't see people in this thread lining up to buy crypto at current prices.

I am not a buyer nor a holder of any crypto assets. Of course, I am old, ignorant and stupid yet somehow still have plenty of fiat money which buys me anything my heart desires. Could be I am going to be proven wrong? We will have to wait and see. -=- DrStrange

 

[TeamNapoli]

I mean prohibition worked so well I’m sure they could try and ban it or regulate it into being useless. Given the huge network of jobs and use and now NFTs aka digital property changing hands I don’t think that would go well.

They will try and globalize / inflate / monetize the debt by starting a digital dollar and Euro the FED / govt can track and control. I hope that never happens or RIP the economies around the world

Prohibition was an actual total failure and raised the organized crime to a whole new financial bracket and power level, just ask Joe Kennedy.
But seriously, they maight be able to impede its growth by utilizing the exchanges and on/off ramp services but never personal wallet to personal wallet.

 

[Highli99]

I bought more today. I might be the donkey. I might not. It’s a small % of my net worth but the asymmetrical upside seems to justify it in my opinion. If it goes to zero it won’t affect me. I might guess wrong on the token but firmly believe crypto is the future.

 

[TeamNapoli]

It is effectively not/not used as money.

just cause it isnt widely used as money as you state, that doesnt mean it cant be used as money.
I have used it many times to complete transactions.
instead of accepting a paypal payment for selling chips, what if i accept monero with ring signature as payment. buyers personal wallet to sellers personal wallet

 

[TeamNapoli]

Crypto haters FIAT Money defenders, let me point out to just one thing:

https://www.usdebtclock.org/world-debt-clock.html

 

[BNM]

just cause it isnt widely used as money as you state, that doesnt mean it cant be used as money.
I have used it many times to complete transactions.
instead of accepting a paypal payment for selling chips, what if i accept monero with ring signature as payment. buyers personal wallet to sellers personal wallet

Sure, but your argument goes for basically anything. If it’s a universal constant for basically everything then you have to look for other factors to evaluate it. If something is primarily used not as the thing it says it is, then what is it?

Also, clearly a “currency” that can lose 25-50% of its value in a day is inferior to those that don’t share that…variance.

 

[BNM]

Crypto haters FIAT Money defenders, let me point out to just one thing:

https://www.usdebtclock.org/world-debt-clock.html

What do you propose crypto would have done during the pandemic?

 

[HaRDHouSeiNC]

Prohibition was an actual total failure and raised the organized crime to a whole new financial bracket and power level, just ask Joe Kennedy.

Yes I think you missed my sarcasm how it essentially just created organized crime and creating new “criminals” making wine at home

 

[HaRDHouSeiNC]

Sure, but your argument goes for basically anything. If it’s a universal constant for basically everything then you have to look for other factors to evaluate it. If something is primarily used not as the thing it says it is, then what is it?

Also, clearly a “currency” that can lose 25-50% of its value in a day is inferior to those that don’t share that…variance.

Why did it loose it’s value?

Let me answer
Money printer go brrrrrrt plandemic checks printing monwy from thin air
Inflation

Can I go and create more BTC to double the supply overnight??

I think half or something like that of the circulating supply of usd was created in the past two years