Bitcoin crash coming (4 Viewers)

[SendThatStack]

I’m betting 13k before we see 20k again

I’m still liking ETH more though now because of more utility

What reason would there be to see 13k? If FTX collapse couldnt get below 15k then I dont see it happening, especially since we are now 12+ months from the top.

 

[Mike mac]

what did you have to do to qualify? also, how are you tracking airdrops? i look at earni.fi occasionally, but don't pay for premium so im not sure what some of these mystery drops are.

on Dec 2020 if you held any amount of xrp you would get 1:1 air drop of FLR token, it just took them 2 years to get it to the holders. and now its just 15% of the total " upfron" and the rest over the next year... but hey , free $ is better than no $

i held mine on binance and they took a screen shot on the qualifying date

 

[waddadonk]

It may be a temporary pump, but this line straight up is fun

 

[Rakrul]

My friend who does technical analytics on crypto says that BTC has breeched some sort of ceiling at $17k and is likely to increase going forward. Gamble at your own risk. He said "likely" not guaranteed. And he didn't say 10x your money!! either. Nor 2x for that matter.
Edit: I'm staying put on Eth because I don't know wtf I'm doing.

It has "stabilized" at $20.5k which is a bit higher than expected. I have no idea what that indicates.

 

[BNM]

Did any of you true believers buy in over the last two months or so?

 

[Rakrul]

Couple of my friends went quite heavy in BTC on Sunday/Monday.

 

[owlzzthemage]

Its truly a mystery how every true believer I know learned the following lesson from all the recent high-profile ponzi blow-ups: "it's not crypto, it's finding the right crypto". House always wins, this shit can't go to 0 fast enough.

 

[Highli99]

Its truly a mystery how every true believer I know learned the following lesson from all the recent high-profile ponzi blow-ups: "it's not crypto, it's finding the right crypto". House always wins, this shit can't go to 0 fast enough.

The actual lesson is to use a cold wallet, not leave funds at the exchanges.

A Ponzi scheme and an investment based on the greater fool theory are two different criticisms and you’re conflating them. One risk is easily mitigated and the other is true of most other investments.

 

[owlzzthemage]

The actual lesson is to use a cold wallet, not leave funds at the exchanges.

A Ponzi scheme and an investment based on the greater fool theory are two different criticisms and you’re conflating them. One risk is easily mitigated and the other is true of most other investments.

Sure, not every crypto scheme is a Ponzi. The key difference is your second point though.

Most other investments offer tangible sources of fundamental value, aka cashflows. It's an incredible stretch to say that the majority of the value in the SNP or even NASDAQ is simply greater fool.

 

[mipevi]

The greatest fool is the one with zero exposure to a superior asset that’ll go up in value forevermore.

 

[softchewy]

The greatest fool is the one with zero exposure to a superior asset that’ll go up in value forevermore.

View attachment 1060617

agreed

 

[Mike mac]

i recently came across a story on the news about the airplane grounding last week that happened in north America. same time bitcoin jumped.
they infer that the usa and canadian gov may have paid a ransom in BTC to get the sky back open.

and the result was a BTC pump.

and then started a mini bull run??? i dunnooooo

 

[HaRDHouSeiNC]

i recently came across a story on the news about the airplane grounding last week that happened in north America. same time bitcoin jumped.
they infer that the usa and canadian gov may have paid a ransom in BTC to get the sky back open.

and the result was a BTC pump.

and then started a mini bull run??? i dunnooooo

Similar thing happened new years in the Philippines

 

[ekricket]

i recently came across a story on the news about the airplane grounding last week that happened in north America. same time bitcoin jumped.
they infer that the usa and canadian gov may have paid a ransom in BTC to get the sky back open.

and the result was a BTC pump.

and then started a mini bull run??? i dunnooooo

Similar thing happened new years in the Philippines

Tigers dropped

 

[HaRDHouSeiNC]

Tigers dropped

Someone get the Gemantria guy in here and run the solvers on all this

 

[Rakrul]

So the next test will be at $25.5k. Will it swing down or just get a small correction and then continue upwards? Hard to tell, but it could be a good idea to minimize exposure around there as it's not likely to blast upwards even when if it breaches.

 

[Mike mac]

tomorrow is the first day that MT> GOX bitcoins will be available to be cashable for the public .... $3.3 billion.

the whole crypto market may dump tomorrow march 10th.

 

[Johnblue]

Next week, the week of 11-Dec-2017. Will eventually drop below $2000 in the coming weeks in very choppy trade. Calling it now @ $15,658.60/BTC

Or not. Also calling that as backup call.

5 years ago. The price did drop after this gentlemen predicted it, for some time.

bitcoin is something you really have to zoom out on.

"DCA"ing bitcoin changed my life.

just buy a little every week on schedule and build a stack, there will be another bull market, there will be a time when bitcoin levels off at 100k, and then another time where it levels off at 1mil

its always a good time to buy some bitcoin, the only bad thing to do is invest way too much money that you are going to need to spend within 5 years.

bitcoin is not a "get rich quick scheme" but it is a "get rich" savings plan.

good luck.

 

[DrStrange]

A bit over three years ago I noted Bitcoin trading at ~~$23,000 and pondered who was right, the buyer or the seller? And here we are again, Bitcoin is trading ~~$23,000.

If we ignore the historical volatility, this is exactly what one would expect of form of currency. Predictable, stable value makes for a good store of value. But we can't ignore the volatility. Bit coin could be worth $1,000,000 over the next few years, it could be worth $100 - problem is no one knows. It is risky to hold something like Bitcoin as a store of value and the flip side of that is, who wants to spend their Bitcoins today knowing next month they might double in value?

So what is Bitcoin good for? Sure, it is the go-to currency for criminal and terrorist activity. May be handy in ways to flee government oppression. Same thing for tax evasion. But it certainly isn't easy to use as a replacement for US Dollars ( or GBP or Euros or Yen ). There isn't much case for bitcoin as an inflation hedge either.

I appreciate the speculative opportunity and risk of a crypto coin. But that only drives up the volatility making Bitcoin even less useful as a form of payment.

Can't ignore the tax compliance problems that come with transacting in Bitcoin. A new taxable transaction to report for every purchase? Can you imagine what the tax return of a fast-food restaurant or a grocery store would look like if they were doing business in some crypto coin rather than fiat currencies? Yikes! Same sort of problems for the individuals too.

Hindsight is one thing. If someone got bitcoins for a great price back in the day, no one can say that person didn't make a big profit. However, past performance doesn't mean future owners will be successful at all.

Still not touching it, subscribing to Warren Buffet's "Rat Poison" description. But I wish those who want to speculate the best of luck -=- DrStrange

 

[Silver_Fiend]

A bit over three years ago I noted Bitcoin trading at ~~$23,000 and pondered who was right, the buyer or the seller? And here we are again, Bitcoin is trading ~~$23,000.

If we ignore the historical volatility, this is exactly what one would expect of form of currency. Predictable, stable value makes for a good store of value. But we can't ignore the volatility. Bit coin could be worth $1,000,000 over the next few years, it could be worth $100 - problem is no one knows. It is risky to hold something like Bitcoin as a store of value and the flip side of that is, who wants to spend their Bitcoins today knowing next month they might double in value?

So what is Bitcoin good for? Sure, it is the go-to currency for criminal and terrorist activity. May be handy in ways to flee government oppression. Same thing for tax evasion. But it certainly isn't easy to use as a replacement for US Dollars ( or GBP or Euros or Yen ). There isn't much case for bitcoin as an inflation hedge either.

I appreciate the speculative opportunity and risk of a crypto coin. But that only drives up the volatility making Bitcoin even less useful as a form of payment.

Can't ignore the tax compliance problems that come with transacting in Bitcoin. A new taxable transaction to report for every purchase? Can you imagine what the tax return of a fast-food restaurant or a grocery store would look like if they were doing business in some crypto coin rather than fiat currencies? Yikes! Same sort of problems for the individuals too.

Hindsight is one thing. If someone got bitcoins for a great price back in the day, no one can say that person didn't make a big profit. However, past performance doesn't mean future owners will be successful at all.

Still not touching it, subscribing to Warren Buffet's "Rat Poison" description. But I wish those who want to speculate the best of luck -=- DrStrange

This is the lie the govt has been using for many years. The truth is the the block chain of crypto makes it 100% trackable. They know who owns what and sells to who, and where its all at. Nobody is hiding any illegal activity with bitcoin.

 

[johnjohn]

<sigh>

 

[Johnblue]

This is the lie the govt has been using for many years. The truth is the the block chain of crypto makes it 100% trackable. They know who owns what and sells to who, and where its all at. Nobody is hiding any illegal activity with bitcoin.

yeah, cold hard cash united states dollars are the best for criminal activity.

A bit over three years ago I noted Bitcoin trading at ~~$23,000 and pondered who was right, the buyer or the seller? And here we are again, Bitcoin is trading ~~$23,000.

If we ignore the historical volatility, this is exactly what one would expect of form of currency. Predictable, stable value makes for a good store of value. But we can't ignore the volatility. Bit coin could be worth $1,000,000 over the next few years, it could be worth $100 - problem is no one knows. It is risky to hold something like Bitcoin as a store of value and the flip side of that is, who wants to spend their Bitcoins today knowing next month they might double in value?

So what is Bitcoin good for? Sure, it is the go-to currency for criminal and terrorist activity. May be handy in ways to flee government oppression. Same thing for tax evasion. But it certainly isn't easy to use as a replacement for US Dollars ( or GBP or Euros or Yen ). There isn't much case for bitcoin as an inflation hedge either.

I appreciate the speculative opportunity and risk of a crypto coin. But that only drives up the volatility making Bitcoin even less useful as a form of payment.

Can't ignore the tax compliance problems that come with transacting in Bitcoin. A new taxable transaction to report for every purchase? Can you imagine what the tax return of a fast-food restaurant or a grocery store would look like if they were doing business in some crypto coin rather than fiat currencies? Yikes! Same sort of problems for the individuals too.

Hindsight is one thing. If someone got bitcoins for a great price back in the day, no one can say that person didn't make a big profit. However, past performance doesn't mean future owners will be successful at all.

Still not touching it, subscribing to Warren Buffet's "Rat Poison" description. But I wish those who want to speculate the best of luck -=- DrStrange

in the coming digital world, where governments routinely sanction its own citizens, freeze bank accounts and exert control over humans via control of the money, bitcoin will become the only true sovereign currency.

its going to be the only money that cant be "taken away" by uncle sam.

it might not seem like it now, but that simple fact is literally the most powerful statement of freedom, not just for individuals but also nations.

 

[DMack]

its going to be the only money that cant be "taken away" by uncle sam.

The good doc wants everyone “to pay their fair share,” as he says…while he does everything he can to avoid paying one red cent extra than what he has to.

 

[Johnblue]

The good doc wants everyone “to pay their fair share,” as he says…while he does everything he can to avoid paying one red cent extra than what he has to

its not about taxes, its about security. Literally, it is about PROPERTY RIGHTS. What do you OWN now? What do you own that the government/military cannot confiscate or litigate away from you, or your heirs at time of death? Bitcoin can be legitimately secured,programed and transfered in a way that people are just not used to yet.

We have become such slaves that we don't even expect to have the right to actually own anything beyond what a government allows us to own.

bitcoin literally a man to hold and be responsible for their savings beyond what a bank or a government will allow/facilitate. Might not mean much for some, but for others, it is a God given inalienable right to control the accumulation of your lifes work and transfer with no permission.

Its an ideological fight for most of us, the actual core of bitcoin enthusiasts are fighting for a world where individuals take the power of money from the hands of nations and for the first time in history demand fair, market driven services from governments and municipalities. When the people control the monetary system we will have accountable government.

Bitcoin is the American Dream. you cant really have a government "of the people" without a money "of the people'... Real bitcoiners don't dream of a day when bitcoin is worth a million dollars, infact we dont even think of it that way at all. We KNOW that bitcoin currently, and for the foreseeable future , is most pristine form of exchange and store of value that has ever existed on earth. It isn't dependent on the guns of an army, the policy of a central bank, or the legitimacy of a government. Bitcoin is backed by raw mathematical truth and the largest worldwide network of competing computational validators that has ever existed.

For now, The gov already has a firm structure on the taxation of bitcoin "profits", all the USA exchages are KYC compliant and its not really feasible to acquire "underground bitcoins" for most citizens, even if so, all you are dodging is capital gains taxes if you profit at time of sale into USD. Bitcoiners understand they will be taxed on profits when you speculate on bitcoin, there are no complaints, other than the exact same complaints every human has about taxes.

How much does it change the world when a government can not simply violate human property rights to secure power via clandestine inflation?

Its a rabbit hole for sure, but Bitcoin is the American Dream in action and its happening now.

 

[Highli99]

its not about taxes, its about security. Literally, it is about PROPERTY RIGHTS. What do you OWN now? What do you own that the government/military cannot confiscate or litigate away from you, or your heirs at time of death? Bitcoin can be legitimately secured,programed and transfered in a way that people are just not used to yet.

We have become such slaves that we don't even expect to have the right to actually own anything beyond what a government allows us to own.

bitcoin literally a man to hold and be responsible for their savings beyond what a bank or a government will allow/facilitate. Might not mean much for some, but for others, it is a God given inalienable right to control the accumulation of your lifes work and transfer with no permission.

Its an ideological fight for most of us, the actual core of bitcoin enthusiasts are fighting for a world where individuals take the power of money from the hands of nations and for the first time in history demand fair, market driven services from governments and municipalities. When the people control the monetary system we will have accountable government.

Bitcoin is the American Dream. you cant really have a government "of the people" without a money "of the people'... Real bitcoiners don't dream of a day when bitcoin is worth a million dollars, infact we dont even think of it that way at all. We KNOW that bitcoin currently, and for the foreseeable future , is most pristine form of exchange and store of value that has ever existed on earth. It isn't dependent on the guns of an army, the policy of a central bank, or the legitimacy of a government. Bitcoin is backed by raw mathematical truth and the largest worldwide network of competing computational validators that has ever existed.

For now, The gov already has a firm structure on the taxation of bitcoin "profits", all the USA exchages are KYC compliant and its not really feasible to acquire "underground bitcoins" for most citizens, even if so, all you are dodging is capital gains taxes if you profit at time of sale into USD. Bitcoiners understand they will be taxed on profits when you speculate on bitcoin, there are no complaints, other than the exact same complaints every human has about taxes.

How much does it change the world when a government can not simply violate human property rights to secure power via clandestine inflation?

Its a rabbit hole for sure, but Bitcoin is the American Dream in action and its happening now.

I agree. @DrStrange brings up valid points from a financial speculation perspective, but there is something to the security and freedom of bitcoin that hasn't been grapsed by many yet. I don't think it should be viewed through a partisan lens either, because powers in charge change over time. You might agree when banks decide to stop permitting firearms purchases, but you might disagree when the same banks decide to stop permitting donations to a particular NGO for a different political reason. It really is about freedom.

Recognizing the real risks from an investment standpoint, I treat bitcoin in my portfolio the same way as others might treat gold or cash in a safe. It's a small fraction of my total but there for a reason. That reason is not get rich quick, avoiding taxes, or paying criminals.

 

[mipevi]

I bought MOAR!

 

[Josh]

5 years ago. The price did drop after this gentlemen predicted it, for some time.

bitcoin is something you really have to zoom out on.

"DCA"ing bitcoin changed my life.

just buy a little every week on schedule and build a stack, there will be another bull market, there will be a time when bitcoin levels off at 100k, and then another time where it levels off at 1mil

its always a good time to buy some bitcoin, the only bad thing to do is invest way too much money that you are going to need to spend within 5 years.

bitcoin is not a "get rich quick scheme" but it is a "get rich" savings plan.

good luck.

View attachment 1095950

Oh hi there. Just saw Jim’s sale on Facebook and logged in for the first time in ages to this absolute gem!

 

[HaRDHouSeiNC]

<sigh>

Bitcoin is a scam only US dollars are real
Nearly 200 billion wiped out by banks buying crap bonds they can’t sell in a liquidity crisis XD

https://www.forbes.com/sites/dereks...failure-risks-intense-regulator-scrutiny/amp/

Honestly they need to wipe out about 3T in Covid spending to curb inflation now

 

[HaRDHouSeiNC]

yeah, cold hard cash united states dollars are the best for criminal activity.

And if banks are making millions from it they could care less what it was used for

Last I checked the cartels make billions each year trafficking and can’t get enough US dollars
It’s the largest monetary instrument for crime by such a large margin it’s hard to measure

 

[DrStrange]

At least folks have stopped suggesting owning bitcoins somehow confers some ephemeral value from the intellectual property rights related to the block chain.

We also don't see nearly as much discussion of the economic uses of bitcoin. I have been looking for years and see essentially nothing. Certainly, none of my day to day personal or business expenses are payable in crypto.

I do see there might be a sound argument for promoting Bitcoin over the other 10,000+ coins. Some of those are pretty dodgy.

I guess(?) the notion of the cartels still using a lot of cash and are significant potential crypto customers. Those guys move billions in paper currency and if they could somehow convince drug buyers to bring out their cold wallets rather than cash, there would be a nifty new market for bitcoin. I'm a little fuzzy how that would work practically, but I am an archaic old boomer. You youngsters know the way - probably buy your stuff with crypto all the time already.

On a more serious note, I can imagine people fearing their banks are going broke deciding to move money into Bitcoin this week. If you don't trust any bank, crypto might make some sense. <shrug> We'll get a test of this notion by seeing how well bitcoin keeps its value the next month or so.

It still looks like the "greater fool" business model to me. But what do I know? I am old, wedded to my stocks, bonds, real estate and oil wells. I still wish you the best of luck with your speculation / investment. I think it will be needed -=- DrStrange