Bitcoins - about to hit $5,000 per coin today!

[SOMEPARTS]

I posted an article above which mentions that Visa will now be accepting USDC, a digital dollar which can be used for purchases across the world, new Visa cards will support it and will be able to be used anywhere, including locally.

I think this will be a huge development, as people especially from emerging markets, will no longer be held hostage to their massively fluctuating, depreciating local currencies and archaic forex and capital control laws which make it difficult to obtain hard currency or even move money abroad.

They could now choose to do business in a hard currency locally, and hedge against currency devaluation and swings in prices when placing orders.

USDC’s are backed to the USD, so perhaps it will be tacitly supported as it would help maintain the USD as the world’s reserve currency and main currency of international business and trade?

Okay, yes...this is good stuff. The truth is we already have one world money and it is the petrodollar. Any crypto related to the current system makes much more sense both for the stability and the chances that it will transition slowly. 

[SOMEPARTS]

I think you guys overthink things way too much.

Cult followers don't think much.

[SOMEPARTS]

I pondered this as well and my conclusion was i think I may have looked at this all wrong.

To set the state of play:

2017 and on many large countries banned crypto due to it’s threat to sovereign currency. The US and a handful allowed it to continue and then increased it’s regulation and legitimacy.

Fast forward to 2021 and We have an utterly fucked global financial system. Record debt for households and govts in general. Zero or negatives rates. No wage growth. High unemployment. Pandemic.

We see loads of QE and a fight against deflation. We see handout stimulus for trickle up economics and working subsidies.

We know the global financial system will be transformed -
Countries will create their own digital coins is confirmed. This is going to be used for those trickle up economic policies and works alongside existing currency. These will be controlled by central banks and can be created instantly and deposited into bank accounts. The impact on the bond market could be massive as not only will huge amounts of spending Bono linger require bonds but the rates are zero or negative.

Move onto Libre which will be a basket of global currencies. Created by an American company and now everybody can do business around the globe. What does this do to the Forex market? Does it even need to exist anymore?

So that puts us looking at a possible massive bond market decline followed by a possible forex market decline. Where does the money go?

Move to crypto where the Americans allowed it to flourish and all the American companies are first on the boat......


Meanwhile all the countries that banned it will be left with a tiny bond market and a tiny forex market and nowhere to make money for their banks.

Enter crypto..... now owned by the Americans and everybody else has to buy from them.......


I don’t want to sound like the tin foil man but what do you guys think?

I think some people understand that Satoshi Nakamoto is probably a pen name for an American Corp, American/Central Bank or an American alphabet agency. 

USA allowing crypto enables capital to flow, even if it ends up being a beta test for something else. Why let anarcho-capitalist money exist right under their noses? You can't even transact 10k at the bank without generating an IRS report. Something is off here.

The bond market is the elephant in the room, anything they can do to transition or reset away from derivatives would be beneficial given how screwed up the whole thing is.

[Mayday]

I think some people understand that Satoshi Nakamoto is probably a pen name for an American Corp, American/Central Bank or an American alphabet agency. 

USA allowing crypto enables capital to flow, even if it ends up being a beta test for something else. Why let anarcho-capitalist money exist right under their noses? You can't even transact 10k at the bank without generating an IRS report. Something is off here.

The bond market is the elephant in the room, anything they can do to transition or reset away from derivatives would be beneficial given how screwed up the whole thing is.

Imagine Americans looking like they are about to lose super power status only to emerge as the strongest country on the planet?

If the bond market and forex market go, crypto is the new emerging market and China will come to the door begging to be let in.

I won’t be surprised to see ETh hit 3k this month.

I am already in ADA. The 3rd-5th market places are incredibly important and XRP has caused a significant lag due to it’s legal problems. I think a new 3rd place will have a ballistic rally this year as it will close ground to ETH.

[gib]

If any of the following happen we could be well on our way to seeing 50+K BTC.

Larry Ellison confirms he is onboard. 50K easy.
Buffett and/or Apple confirm they are onboard. 100K easy.

Still very early days, but exciting times nevertheless.

Oh, and for those who say US will dominate BTC, trust me on this - China is rapidly and stealthily accumulating Bitcoin. And by China, I mean the CCP, as well as CCP funded or sponsored companies and Chinese agencies.

[gib]

ETH is still very affordable to retail investors and especially younger people, so could be another option as well, a slightly different strategy as this would tap into the more casual buyers as well and be low risk for most, as they could buy at least a coin or several.

Sats are still very affordable to retail investors and especially younger people, so could be another option as well...

[Griffith]

Sats are still very affordable to retail investors and especially younger people, so could be another option as well...

Most people would rather own a full coin or several coins, and Ethereum makes that a very affordable option for retail investors and especially younger people.

[FitnessFrenzy]

[B_MyT_2]

If any of the following happen we could be well on our way to seeing 50+K BTC.

Larry Ellison confirms he is onboard. 50K easy.
Buffett and/or Apple confirm they are onboard. 100K easy.

Still very early days, but exciting times nevertheless.

Oh, and for those who say US will dominate BTC, trust me on this - China is rapidly and stealthily accumulating Bitcoin. And by China, I mean the CCP, as well as CCP funded or sponsored companies and Chinese agencies.

I just don't get it?  It's not tangible like cash or a credit/debit card.  How do you spend it a $47,000 "dollar bill" and make sure you get your change.  Someone earlier said that someone in the UK gave a whole bit coin on accident for a burger or something.

I started watching some vids on YT about it, and the volatility....some swear it's going up, some say it's doomed to crash.  I don't understand how you spend something that has an ever changing value.  The second thing that was peculiar to me is that one vid mentioned how PayPal had started taking it, but the turn around and turn it into USD on their side right away specifically because of the volatility of it.  So confusing?  Seems like only techies, and very knowledgeable people in the markets understand it.

And I agree with you that the CCP is probably buying the shit out of it with one of their shell companies in the U.S.  It's too bad our lawmakers don't start actually making anti-corruption, fraud, and electoral mandates instead of pursuing a vendetta against someone they've already "defeated"

[Thin Lizzy]

I think some people understand that Satoshi Nakamoto is probably a pen name for an American Corp, American/Central Bank or an American alphabet agency. 

USA allowing crypto enables capital to flow, even if it ends up being a beta test for something else. Why let anarcho-capitalist money exist right under their noses? You can't even transact 10k at the bank without generating an IRS report. Something is off here.

The bond market is the elephant in the room, anything they can do to transition or reset away from derivatives would be beneficial given how screwed up the whole thing is.

Don’t you think that if governments get a hold of it fully they’ll eventually take the scarcity out of the equation. That’s the whole point of a Fiat currency so that they can spend endlessly.

[Griffith]

I just don't get it?  It's not tangible like cash or a credit/debit card.  How do you spend it a $47,000 "dollar bill" and make sure you get your change.  Someone earlier said that someone in the UK gave a whole bit coin on accident for a burger or something.

I started watching some vids on YT about it, and the volatility....some swear it's going up, some say it's doomed to crash.  I don't understand how you spend something that has an ever changing value.  The second thing that was peculiar to me is that one vid mentioned how PayPal had started taking it, but the turn around and turn it into USD on their side right away specifically because of the volatility of it.  So confusing?  Seems like only techies, and very knowledgeable people in the markets understand it.

And I agree with you that the CCP is probably buying the shit out of it with one of their shell companies in the U.S.  It's too bad our lawmakers don't start actually making anti-corruption, fraud, and electoral mandates instead of pursuing a vendetta against someone they've already "defeated"

You don't have to spend or even buy an entire bitcoin or any crypocurrency, you could buy or spend a tiny amount of it, for instance 0.00000001 of BTC or whatever.

Bitcoin was originally intended as a digital currency, but failed in this regard due to the rising volatility and also very slow transaction rates and high fees for small transactions which made it impractical. There were instances of people buying something, and then paying more in fees than the price of the purchase.

I remember when it first came out people were using it to buy pizzas and takeaways, it was more of a novelty, but at the time showed no advantage over using a debit card or cash, except that payments could not be traced and so it was used for purchases on the darkweb. For a while, this was what it was quite famous for.

It was only when the prices went up that the 'store of value' narrative began and later the 'digital gold' concept was also added.

Their white paper might state differently, but this was the view of it, as I remember at the time, from reading news articles and talking to people about it, some of whom had bought and used as well.

[Griffith]

If any of the following happen we could be well on our way to seeing 50+K BTC.

Larry Ellison confirms he is onboard. 50K easy.
Buffett and/or Apple confirm they are onboard. 100K easy.

Still very early days, but exciting times nevertheless.

Oh, and for those who say US will dominate BTC, trust me on this - China is rapidly and stealthily accumulating Bitcoin. And by China, I mean the CCP, as well as CCP funded or sponsored companies and Chinese agencies.

The CCP and probably North Korea and Iran too.

On a side note, the UN World Food Agency uses Ethereum to help feed millions of people around the world 

[OneMoreRep]

I pondered this as well and my conclusion was i think I may have looked at this all wrong.

To set the state of play:

2017 and on many large countries banned crypto due to it’s threat to sovereign currency. The US and a handful allowed it to continue and then increased it’s regulation and legitimacy.

Fast forward to 2021 and We have an utterly fucked global financial system. Record debt for households and govts in general. Zero or negatives rates. No wage growth. High unemployment. Pandemic.

We see loads of QE and a fight against deflation. We see handout stimulus for trickle up economics and working subsidies.

We know the global financial system will be transformed -
Countries will create their own digital coins is confirmed. This is going to be used for those trickle up economic policies and works alongside existing currency. These will be controlled by central banks and can be created instantly and deposited into bank accounts. The impact on the bond market could be massive as not only will huge amounts of spending Bono linger require bonds but the rates are zero or negative.

Move onto Libre which will be a basket of global currencies. Created by an American company and now everybody can do business around the globe. What does this do to the Forex market? Does it even need to exist anymore?

So that puts us looking at a possible massive bond market decline followed by a possible forex market decline. Where does the money go?

Move to crypto where the Americans allowed it to flourish and all the American companies are first on the boat......


Meanwhile all the countries that banned it will be left with a tiny bond market and a tiny forex market and nowhere to make money for their banks.

Enter crypto..... now owned by the Americans and everybody else has to buy from them.......


I don’t want to sound like the tin foil man but what do you guys think?

Hmmm...

If the big banks (JPM, Goldman and family) all seek out custody of BTC and start to hold positions in it, I wouldn't be surprised if this is all part of a big play. Many already believe that the shareholders of the Federal Reserve are likely the same heads of the big banks themselves. If this is the case, I can certainly see a moment in the VERY near future where the US Dollar collapses and digital currency, with the backing of the FED and the big banks, becomes the new reserve currency. It's a stretch, but it wouldn't surprise me in the slightest bit. The FED + the Big Banks all profit tremendously from US Debt transacted via the US Dollar.

Remember, out of the close to 800 FIAT currencies that have existed, there has been a 100% failure rate to them ALL. No FIAT currency has ever stood the test of time. Since the US dollar was unpegged from Gold and is now simply surviving off of the "trust" of the people (domestically & internationally), I wouldn't be surprised if a collapse is imminent. QE will continue and as more and more pumping of money continues, the people will slowly start to feel safer and more eager to spend (why not? there's so much free money). When the public spending starts, velocity to money will undoubtedly increase and inflation (possibly hyperinflation) will ensue.

We saw this before in Greece, Germany and many other places. We are not impervious to the effects of greed & exorbitant debt, not to mention that this US world order is long overdue for a collapse. Since 1945, this country has ridden the long-term debt cycle wave and it's about to implode.

"1"

[Griffith]

https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-aims-for-2-000-as-whales-continue-to-accumulate-even-more-coins-202102101427

Ethereum whales go into buying frenzy suggesting massive gains ahead

Ethereum price reached a market capitalization of over $200 billion for the first time ever after hitting a new all-time high price of $1,837 on Wednesday.

Ethereum price can quickly jump to $2,000

Despite the significant increase in value, Ethereum holders have continued to accumulate even more coins in the past two weeks. The number of large holders with 100,000 to 1,000,000 coins has jumped by six since February 6.

Additionally, the number of whales holding at least 1,000,000 coins and at most 10,000,000 also increased by one in the past week.

The Eth2 deposit contract now holds 3.018 million ETH coins worth over $5.3 billion. The number of ETH coins locked in DeFi protocols has also hit 7.25 million, a number not seen since November 2020.  With this in mind, Ethereum bulls aim for $2,000 next as there are no significant barriers on the way up.

[obsidian]

Guys, please watch this video and let me know what you think. I was one of those hodlers in 2017 riding all the way to the top and down to the bottom and never took profits. So I never bought in at the bottom. Don't want to be in that position again. I know GIB was smarter and cashed out only to buy the dip again. Someone with 5000 BTC won't care if it crashes a lot because it will go up again.

Also check this youtube comment:

Utah Get Me 2
1 day ago
yep definitely right imo, also think these crypto's are only being allowed because they are not physical asset's, the central bankers and Fed are buying up the entire world of physical assets right now with money created from nothing while people pile into digital assets with no backing! seems like the ultimate scam! people will own nothing but they wont be happy

Did Elon Musk & Tesla Just Ignite A Monster Rally Or Market Top?

[obsidian]

^^^^^^^^^^^
Regarding the video above, one thing he is overlooking is the government is printing a ton of money and giving it away. So the crypto bull cycle is propped up by inflation.

[Mayday]

Hmmm...

If the big banks (JPM, Goldman and family) all seek out custody of BTC and start to hold positions in it, I wouldn't be surprised if this is all part of a big play. Many already believe that the shareholders of the Federal Reserve are likely the same heads of the big banks themselves. If this is the case, I can certainly see a moment in the VERY near future where the US Dollar collapses and digital currency, with the backing of the FED and the big banks, becomes the new reserve currency. It's a stretch, but it wouldn't surprise me in the slightest bit. The FED + the Big Banks all profit tremendously from US Debt transacted via the US Dollar.

Remember, out of the close to 800 FIAT currencies that have existed, there has been a 100% failure rate to them ALL. No FIAT currency has ever stood the test of time. Since the US dollar was unpegged from Gold and is now simply surviving off of the "trust" of the people (domestically & internationally), I wouldn't be surprised if a collapse is imminent. QE will continue and as more and more pumping of money continues, the people will slowly start to feel safer and more eager to spend (why not? there's so much free money). When the public spending starts, velocity to money will undoubtedly increase and inflation (possibly hyperinflation) will ensue.

We saw this before in Greece, Germany and many other places. We are not impervious to the effects of greed & exorbitant debt, not to mention that this US world order is long overdue for a collapse. Since 1945, this country has ridden the long-term debt cycle wave and it's about to implode.

"1"

in this thread just as the pandemic broke, the QE method was discussed as to how the world would begin a bailout. Nearly 1 year later and we can see the impact for the US where the Index started at 99 and has fallen to 91, pretty much a 10% decline in one year. To be fair, the US Index spent many years in the 75-85 region prior to now so a reading of 91 is actually significantly higher than it was in the decade prior. The US has a stronger currency today than in 2010.

The IMF are talking of doing a one off devaluation. Something like a 50% currency injection in one year to cause inflation using trickle up economics. Doing in unison means nobody would really gain an advantage in terms of trade. Apparently it’s going to happen in 2021. After that I believe they will lock around 2% annual. So they are going for a hard kickstart instead of a prolonged period. Makes sense.


1973-1980 we saw roughly 16% average annual M3 expansion which came with a 12% Annual GDP, 11.7% Annual CPI, a gold price increase of 460% over the whole period and a wage inflation of 100% meaning consumer debt devaluation of 50%.

I think the monetary system has survived many hard times and the result is transformations over rather than a complete collapse. The Germans post war was a scenario where they were physically destroyed and overwhelmed by debt. impossible to get out of and all alone with really no hope to get out of. This is a global scenario and we are intact so I feel it’s a very different problem we face than post war.

I know people are crazy scared of inflation but what would you pick if given the option?
1) double wage. Halve debt value but you can’t afford big TVs, expensive phones, holidays
2) no wage growth and risk of lower wages. Debt remains as full term loan. Can afford the luxuries but risk of higher unemployment.

[FitnessFrenzy]

Less concerned with the dollar index, because so as long as the USD is the world reserve currency, it will always lead against the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. What I believe the world is noticing is that the US is printing itself into a hole. We are meeting all the necessary requirements to be on our way to a massive deleveraging of our debt. When that happens, it will be a very sad time.

sad because you think the dollar will continue to go down in value?

[Griffith]

Just like in Ready Player One, people are now buying 'virtual properties'. Non-Fungible Tokens (NFT), including digital art and collectibles seems to be a new trend.

https://www.coindesk.com/axie-infinity-virtual-land-record-eth-sale

Virtual Property Sells for $1.5M in Ether, Smashing NFT Record

The eye-popping 888 ETH virtual land sale is said to mark the largest NFT transaction of all time.

A piece of virtual land on blockchain marketplace and gaming platform Axie Infinity has just sold for a record-breaking sum in cryptocurrency.

At around 23:00 UTC on Monday, one of the platform’s newest community members, “Flying Falcon,” purchased the digital estate of nine adjacent Genesis blocks for 888.25 ether, roughly $1.5 million at the time.

The transaction marks the largest non-fungible token (NFT) transaction of all time, superseding the previous $800,000 record set by Polyient Games and their purchase of “the Citadel of the Sun” from Gala Games.

“As Genesis land plots are the rarest and best-positioned plots in Axie Infinity they were a natural fit for my thesis,” Flying Falcon told CoinDesk via email. “What we’re witnessing is a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights.”

While the “epic 9” plot is by far the NFT sector’s largest sale to date, there are roughly three other plots going for much higher: from 100 to 10,000 ETH.

“As the largest digital land sale ever, this marks a significant development in the short history of NFTs,” the seller, Danny (who preferred not to provide a surname), told CoinDesk. “Virtual economies will be the new frontier for an increasingly digital world.”

The virtual land assets will be used for an upcoming game mode known as Axie Land, aka Project K.

Danny recently purchased a rare Hashmasks digital artwork for 420 ETH (around $650,000 at the time of purchase, as CoinDesk reported last week.

[Griffith]

How is Elon Musk not getting investigated by the SEC?  He shit talks BTC on Twitter and promotes Dogecoin for fun, then all of a sudden drops 1.5 billion on BTC.  Sounds like some serious manipulation going on.

https://www.telegraph.co.uk/technology/2021/02/09/elon-musk-faces-sec-probe-teslas-15bn-bitcoin-bet/

Elon Musk could face SEC probe over Tesla’s $1.5bn Bitcoin bet

Billionaire tech mogul Elon Musk could face the wrath of regulators after ramping up the price of bitcoin just days before Tesla revealed a $1.5bn (£1.1bn) bet on the cryptocurrency....

[OneMoreRep]

sad because you think the dollar will continue to go down in value?

Yes. Sad because it hyperinflation ensues, it will mark the end of the US as the dominant world order.

"1"

[Bindare_Dundat]

Another crazy morning
New btc high

[B_MyT_2]

Yes. Sad because it hyperinflation ensues, it will mark the end of the US as the dominant world order.

"1"

I don't care about whether we are the dominant world order, as I'm starting to not believe we are any more anyhow.  What I care about is not paying $7-8 per gallon for gas when I had gotten used to $1.89/gallon, and not having to wait in breadlines. 


OMR, do you and all these other guys in this thread posting such detailed info work in investments/financing or just learned it on the side?  Any good foundational books for investing you'd recommend to learn how to invest on my own outside my 401K?

[FitnessFrenzy]

OMR, do you and all these other guys in this thread posting such detailed info work in investments/financing or just learned it on the side?  Any good foundational books for investing you'd recommend to learn how to invest on my own outside my 401K?

buy and hold index funds such as VTSAX

[Bindare_Dundat]

More banks announce their involvement in BTC. The momentum is building faster and faster.