Getbig Main Boards > Gossip & Opinions
Bitcoins - about to hit $5,000 per coin today!
a_pupil:
--- Quote from: loco on March 20, 2023, 04:17:13 AM ---Still prepared to hold it? We need cash to pay bills, buy food, buy assets, pay for vacations, pay the mortgage on investment properties, pay for maintenance and repairs of investment properties, pay real estate attorneys, pay insurance premiums, pay taxes, pay accountants, pay property managers, etc.
BTC is not accepted for any of these, only USD.
In the US, wise and prudent investors don't keep cash just lying around doing nothing out of fear to invest it, and they certainly don't risk keeping it at home out of fear of the banking system.
--- End quote ---
What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).
gib:
--- Quote from: a_pupil on March 21, 2023, 09:33:42 AM ---What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).
--- End quote ---
This is an illogical, false, and irrelevant comment, which has already been explained to you many times.
Bitcoin can be exchanged for any good or service anyone is prepared to provide in return for it. So, if you take me as an example, I will take Bitcoin for anything I may wish to sell - house, car, shares, collectable items, gold, personal training advice, financial advisory services, etc.
Second, you are confusing the concepts of a day to day medium of exchange with a store of value. For example, we don't go around buying things in gold. But if we want to use gold to purchase something, we can always exchange the gold for fiat currency and then pay with that. My Bitcoin Visa card, allows me to do this seamlessly anywhere in the world that accepts Visa.
Most 200+ fiat currencies are ONLY commonly accepted in the country of issuance. (So for example, you if you tried to use a Swiss Franc in a McDonalds in USA, they would not accept it). But you could exchange that Franc for USD at the prevailing exchange rate, and then use that. Same concept with Bitcoin (only Bitcoin is already the most globally accepted international currency, or at least right up there with the USD as being accepted globally beyond country borders).
Further, when assessing an investment, we need to look towards the future. So, if you you believe that BTC being used as a medium of exchange is correlated to its value, then you have to make a prediction on how BTC will be used in the future. Is Bitcoin the next logical step in a globally accepted currency? Will the trends we are already seeing of an increasing number of countries formally (or informally) adopting BTC as a currency continue? Will the rapid growth of the 2nd layer Lightening Network continue. Etc.
You have now been educated. Always try to think at least one (or ideally 2) steps ahead. It will do wonders for your success and serve you well both as an investor, and in life in general...
obsidian:
--- Quote from: Griffith on March 21, 2023, 05:51:54 AM ---Ethereum provides the majority of stablecoin supply.
Main stablecoins using Ethereum:
Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
Dai
TrueUSD
Mastercard and Visa are also planning to use USDC.
--- End quote ---
Correct. To my knowledge there are no stablecoins on the Bitcoin network.
https://cointelegraph.com/altcoins-for-beginners/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work#:~:text=For%20example%2C%20Wrapped%20Bitcoin%20(WBTC,backing%20to%20ensure%20price%20stability.
A crypto-backed stablecoin can be issued to launch one asset on a different blockchain. For example, Wrapped Bitcoin (WBTC) is a stablecoin backed by Bitcoin issued on the Ethereum blockchain.
obsidian:
--- Quote from: Mayday on March 20, 2023, 11:53:19 PM ---Collapse to where?
Has Mr Anabolic taken over your account?
This is the YOLO I warned about.
Everyone gunna think they are front running the Fed then the realisation will hit down the road that providing bank liquidity is not the same as $3,000/mth child rebates……
Since when does providing liquidity for treasuries= people are buying new iPads and TVs?
Deflationary event before inflationary policy. Where is the deflationary event? We haven’t had one so why are people salivating and calling for a rocket ship to the moon?
--- End quote ---
What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...
Mayday:
--- Quote from: obsidian on March 22, 2023, 08:36:34 AM ---What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...
--- End quote ---
The majority are waiting for 13k, On the sidelines in cash. At 20k it was next stop 13k. At 23k it was next stop 13k. At 25k was next stop 13k. At 28k it is next stop 13k…..
A pullback to 24-26k is no problem. A run above 27k will be a problem for sidelined cash because we will run for 36k and at that point those people calling for 13k you are likely shitting themselves. That then becomes the YOLO.
I do think it’s a short lived rally BTW because crypto is trying to front run QE stimmy cheques way too early.
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