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

[Mr Anabolic]

I read a article that bitcoin could hit a million bucks.What you think of that?

You also COULD win the Powerball lottery.

[gib]

lol - I will never buy, use or own bitcoins. 

You probably feel like an investment genius right now, but you're not.  The parabolic price rise is a Ponzi bubble based on the "greater fool" principle, nothing more. 

Fear and greed are the most powerful human emotions.  Sometime in the future you'll be wishing you took profits, but you won't because greed consumes you. 

I’ll take a little profit once they hit 100k but not before. There is a long long way before they become a mainstream currency. Its a strange dynamic as we will have a new kind of class of people around who happen to have extreme wealth because they happened to convert cash into bitcoins early.

[gib]

Fear of missing out... exactly.  

Doesn't matter what the asset class is... when the 'dumb money' starts pilling in, the Ponzi usually collapses shortly afterward.

We are far from “dumb money” stage. I speak to various taxi drivers. Most have not yet even heard of it, even in San Francisco. If you speak to bankers all have heard of it, and mostly own some personally but dont deal with it professionally. But they will slowly help it become mainstream as they too can smell the money, but also because they realise its a beat em or join em tupe scenario and first movers will benefit the most.

[gib]

I read a article that bitcoin could hit a million bucks.What you think of that?

It’s hard to “value” a bit coin as bitcoin produces no yield. Your best guide to when it will hit a million USD is determined by mathematics. If you understand the bitcoin algorithm and the “cost of production” you can make a rough guess - 10k by 2018, 100k by 2020 and 1m by 2022.

[SOMEPARTS]

It’s hard to “value” a bit coin as bitcoin produces no yield. Your best guide to when it will hit a million USD is determined by mathematics. If you understand the bitcoin algorithm and the “cost of production” you can make a rough guess - 10k by 2018, 100k by 2020 and 1m by 2022.

Here's the problem. If Bitcoin goes to 1M then the richest people in the world are no longer the richest people in the world....it will be the Mt Gox guy that has all those stolen coins....the problem? They current elite/rich own the banks, the govts, the internet and the military. It will not be permitted to happen...no way will they allow trillions in capital to flow to complete lucky and unconnected strangers.

If that does happen it will be total worldwide anarchy as all social services are defunded in a matter of months.

[gib]

lol - I will never buy, use or own bitcoins. 

You probably feel like an investment genius right now, but you're not.  The parabolic price rise is a Ponzi bubble based on the "greater fool" principle, nothing more. 

Fear and greed are the most powerful human emotions.  Sometime in the future you'll be wishing you took profits, but you won't because greed consumes you. 

Ok well you can also short bitcoin now using derivatives. I dare you!

https://www.coindesk.com/first-long-term-ledgerx-bitcoin-option-pegs-price-10000-one-year/

[gib]

... and BOOM. We are at 8000!!!

Still pleanty of time to join the revolution. Everyone has a chance right now to be set for life.

[f450]

on a large scale level. this doesn't work.

Unless they figure out a way to circumvent trading in currency. which is issued by governments.

At this point Bitcoin is just an electronically secure way of writing a check.

The major advantage is facilitating trade without government taxation, but we all know that is temporary.

[Mr Anabolic]

Ok well you can also short bitcoin now using derivatives. I dare you!

https://www.coindesk.com/first-long-term-ledgerx-bitcoin-option-pegs-price-10000-one-year/

Banksters will be able to naked short bitcoins and drive the price down like they do with precious metals.

Gonna be interesting when it collapses $1000's in a few minutes and you didn't even take profits on one.  You'll disappear... never to post in this thread again.

[stingray]

ponzi. thank me later.

Yeah i guess people will have there views.

I actually regret taking out my bitcoins few years ago, thats because i didnt know much about it.Looking at the btc price now i could of set myself for life.

[ratherbebig]

from what i understand there's a few people out there who made a lot of money on bitcoins.

none of them are getbiggers.

[HTexan]

from what i understand there's a few people out there who made a lot of money on bitcoins.

none of them are getbiggers.

Define a lot?

[ratherbebig]

Define a lot?

well some people must've bought them in the beginning and selling them recently so that would be a lot wouldnt it

not that i care either way. people made money during the gold rush etc as well good for them

but im a bodybuilder, i only care about protein powder and leg extensions.

[gib]

$8100 ...

https://www.coindesk.com/bitcoins-price-climbs-8100-hit-new-time-high/

This is great. With my 30 or so coins I make USD 3000 every time the bit coin price
goes up by $100.

[gib]

So I wonder if I should buy 1 right now.

Yes you should have.

[gib]

$8200...

[Shizzo]

$8200...

Why not sell some of your coins now? What happens if it completely crashes and you lose everything? Get something back now.

[gib]

Yeah could do but I take the view that if I had that amount in cash I would be using it to buy bitcoins. I bought as a long term as a hedge to the “what if” scenario of bitcoins becoming an accepted modern version of gold, only better, and also because I think value will go up much much more.

There are guys who are “trading” buying in and out. I think they are kidding themselves if they think they can time buys and sells successfully. And others who are taking gains in bitcoins and then buying various alt-coins and icos. Not for me. I always planned to buy/hold/stash away.

Having said that, if we do get to 100k per coin by 2022 I would probably sell a coin or two and put the cash into stocks.

[Skorp1o]

Bitcoin is a Ponzi scheme...and everyone is a participant...making returns on it does not negate this fact, remember that people made a lot of money with Bernie Madoff too until the crisis.

When the worlds most successful banker calls it a fraud publicly, chances are you won't know more than he does.

[Shizzo]

Yeah could do but I take the view that if I had that amount in cash I would be using it to buy bitcoins. I bought as a long term as a hedge to the “what if” scenario of bitcoins becoming an accepted modern version of gold, only better, and also because I think value will go up much much more.

There are guys who are “trading” buying in and out. I think they are kidding themselves if they think they can time buys and sells successfully. And others who are taking gains in bitcoins and then buying various alt-coins and icos. Not for me. I always planned to buy/hold/stash away.

Having said that, if we do get to 100k per coin by 2022 I would probably sell a coin or two and put the cash into stocks.

This tells me you got lucky (like the lottery) but you are too stupid to cash out.

Wait till 2022? You could be dead! This isn't a 401k or a pension. It is volatile.

You already won. Get out while you can.

[Mr Anabolic]

This tells me you got lucky (like the lottery) but you are too stupid to cash out.

Wait till 2022? You could be dead! This isn't a 401k or a pension. It is volatile.

You already won. Get out while you can.

Prudent advice, but he's so convinced it will go to $100K per coin, he'll never sell.  This is exactly where the phrase "pigs get slaughtered" comes from.  So many things can go wrong.  It could (and eventually will) drops thousands of dollars in only a few minutes.   

BTW, 401k's are not safe either.  Government may freeze retirement funds when the market crashes.

[Shizzo]

Prudent advice, but he's so convinced it will go to $100K per coin, he'll never sell.  This is exactly where the phrase "pigs get slaughtered" comes from.  So many things can go wrong.  It could (and eventually will) drops thousands of dollars in only a few minutes.   

BTW, 401k's are not safe either.  Government may freeze retirement funds when the market crashes.

A true civil war would happen if the government takes away pensions, 401k, and social security. Nothing to lose at that point.

[polychronopolous]

Here's the problem. If Bitcoin goes to 1M then the richest people in the world are no longer the richest people in the world....it will be the Mt Gox guy that has all those stolen coins....the problem? They current elite/rich own the banks, the govts, the internet and the military. It will not be permitted to happen...no way will they allow trillions in capital to flow to complete lucky and unconnected strangers.

If that does happen it will be total worldwide anarchy as all social services are defunded in a matter of months.

That would be my biggest concern, long term.

You really think you are about to take all the resources away from the people who have the weapons? Please.

How easy would it be for some of these countries to start dishing out life(or worse) sentences for any bitcoin transactions?

[HTexan]

well some people must've bought them in the beginning and selling them recently so that would be a lot wouldnt it

not that i care either way. people made money during the gold rush etc as well good for them

but im a bodybuilder, i only care about protein powder and leg extensions.

I got in later then I wish I did. I was able to cash out some for a vacation a while go.
 

[TheGrinch]

Can you have a trailing stoploss with a bitcoin trade?