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

[gib]

No, the discussion IS ALL about you!  You're exhibiting narcissistic behavior here.  

I'm not wrong, just early.  Ponzi schemes can (and often do) go on for a very long time.  Anybody foolish enough to buy at this level is going to get hosed big time.  It will collapse eventually, then you will disappear like a fart in the wind, never to return to this thread again.

You were wrong in predicting that 5k was the top. That was a prediction that was with certainty proven incorrect. (And similarly my prediction that we would see 10k by year end was 100% proven correct.

And you were wrong in stating that bitcoin transactions were not anonymous.

But now, finally I see we are making progress with you. You have acknowledged that “Ponzi schemes can (and often do) go on for a very long time.” So just maybe, you are starting to accept that just like the gold “ponzi
scheme” the bitcoin “ponzi scheme”’ can run for much longer yet. And if so, then your self-acknowledged “I was just early” could end up costing you big time.

By the way, if you understand the origins behind bitcoin you will realise that Ponzi is not appropriate to use as there’s no fraud here being committed to the benefit of any person. However the debate about whether its a “bubble” is more valid.  

As for your statement that “Anybody foolish enough to buy at this level is going to get hosed big time” please be assured that I will also be back to quote this post by you in the future when we get to 40k (just because I like reminding people who make statements, when they where proven wrong by history and hindsight).

As for now helping others can be as narcissistic I am not sure. If anything I am being altruistic (as genuinely believe you are intending to be too).

I’ll say it again. You will be owning and using bitcoin (and the very first time you buy/transact/receive you will be thinking of me! So you might as well just buy now

[gib]

You were wrong in predicting that 5k was the top. That was a prediction that was with certainty proven incorrect. (And similarly my prediction that we would see 10k by year end was 100% proven correct.

And now, finally I see we are making progress with you. You have acknowledged that “Ponzi schemes can (and often do) go on for a very long time.” So just maybe, you are starting to accept that just like the gold “ponzie
scheme” bitcoin coin run for much longer yet. And if so, then your self-acknowledged “I was just early” could end up costing you big time.

I will also quote this post by you in the future when we get to 40k (just because I like reminding people who make statements, when they where proven wrong by history and hindsight).

As for now helping others can be as narcissistic I am not sure. If anything I am being altruistic (as genuinely believe you are intending to be too).

I’ll say it again. You will be owning and using bitcoin (and the very first time you buy/transact/receive you will be thinking of me! So you might as well just buy now

Oh, and $11,500.

[gib]

Short term on the smaller ones and long term on bitcoin.I bought .75 of bitcoin when it was 7800.Also bought a few thousand of the smaller ones.Im Very interested in EOS as it has doubled since I bought it and read it has a lot of potential.bought some dash and it’s doing great so far,prob long term dash as well.

Good stuff. Hold that bitcoin for life. You may have secured your future in a way few can really imagine (and it’s not only about the financial gains that will likely arise). It’s about financial control and freedom and your place in the new world. Whether you will be a land owner, or a slave.

[gib]

$11,600 ...

[polychronopolous]

 A 10,000 dollar bitcoin was a potential psychological barrier and the market has seemingly burst right past it with the slightest of insignificant resistance.

[JAGO]

I agree with some of that, but the car selling analogy is weak . . . An issue is / will be, a power failure. Anonymity would be compromised if a hard currency was used.

J

[Zillotch]

Anonymity

no. that will not be an actuality in the future.

[gib]

I don't see bitcoin being used by the majority general public for their day to day transactions for the following reasons:

With bitcoin:

1. Transactions take at least 10 minutes to confirm.  VISA and cash take about 10 seconds.

2. Transaction fees are too high, right now average fees are $4 per transaction  . A $3 cup of coffee will cost $7 using bitcoin right now. Cash is zero, and VISA is zero for end users.

3. Bitcoin network can only handle about 7 transactions per second. VISA averages 3000 transactions per second, with a maximum of about 50,000 tps. Physical cash can handle a theoretical maximum of 3.8 billion transactions in a second right now, which is what would happen if half the global population handed a coin to the other half, all at the same time.

4. You have to convert cash into bitcoins before using which is an extra step not required by cash or bank accounts with debit/credit cards. Cash/credit cards are just too easy to use, bitcoin is hard. To fix this problem companies would have to pay their employees in bitcoin. Governments and the elite would never allow this to happen on a widespread scale, as the entire super complex global financial system is fundamentally based on debt money which they control, and an interruption to this system by bitcoin would lead to a massive global economic collapse and loss of control by the elites..

5. The bitcoin network requires increasingly larger amounts of energy to run. Right now the bitcoin network uses as much power per year as the country of Morocco does, and is rapidly increasing. This is not sustainable and a massive consumption of electricity and resources. https://digiconomist.net/bitcoin-energy-consumption

6. Credit cards and the traditional banking system has consumer protection against fraud and such. With bitcoin, once the coin leaves your wallet it is gone forever. If you forget or lose your password, your bitcoins are gone forever.

7. The large price volatility right now makes bitcoin an untrustworthy store of value. Not many people would want to use something that can drop 20% in a few minutes. Can you imagine selling a car for the equivalent of $10,000 worth of bitcoin and a few minutes after you receive your bitcoins from the buyer they are now worth $8000.

Thanks for raising this. There are some minor inaccuracies but I get the overall points you are making. My view is this. First, with regard to a transaction friendly coins, we may seem see bitcoin offshoots emerge to address this. So for example bitcoin cash (which all bitcoin holders were given when that was created. (So in my case I had x bitcoins and got x bitcoin cash, which now trade at around $1,600 per coin themselves - kind of like a company doing a spinoff and giving all existing stockholders to own the new stock in the spinoff company).

Second we will likely see intermediary companies emerge that enable instant bitcoin transactions. For example see https://bitpay.com/tour which by the way also address the many other points you have raised.

But most importantly, the reality is that btc is emerging as a store of value. And like gold, it’s not typically used on a regular day to day basis. We will of course see financial instruments and derivatives tied to the value of gold that will be traded instantly based on the value of bitcoin (again just like gold). And just like gold it can be traded anonymously if done peer to peer, or less anonymously if involving an intermediary or exchange.

But again, the main point is that btc is becoming the cyber equivalent of gold, only much easier and cheaper to store / hide, let alone subdivided and apportion or access instantly anywhere in the world. 

[gib]

On your point “you have to convert cash to btc to use”, axtually no you don’t if you receive btc direct from another person. But to the extent you do need to do a cash to btc conversation it’s just like you would do if you were buying a foreign currency with your USD when travelling, or if you were to buy cash (only with a lower commission rate).

[gib]

Last comment on item 5. This, perversely is what gives btc is value, just like the mining cost for gold gives gold its value. As mining btc becomes more expensive it’s value rises.

[Dave D]

So what I bought a month ago cost me 2 bitcoins but today it would cost 1?

[robcguns]

So what I bought a month ago cost me 2 bitcoins but today it would cost 1?

Yup

[TheGrinch]

[gib]

Close but not quite right. If you bought 1 bit coin then you would own 1 bitcoin. How does that equate to nothing? Can you clarify? Is the point you trying to make that bitcoins produce no yield?

[gib]

I’m not on reddit. But he’s clearly wrong. 1 bitcoin = 1 bitcoin (not nothing).

[SOMEPARTS]

As a critic of Bitcoin as money, but not necessarily a total critic of the technology...I have spent several hours this week on research for "pro" Bitcoin information. Obviously you come across Andreas Antonopoulos doing that. If he is not one of the Bitcoin developers at a base level, then he knows them. I still fear that any govt regulation naming Bitcoin will have people jumping ship into another crypto platform. I have no doubt that it will go up at this point as new money flows in....and that it will not totally go away....how spectacular the fall could be is another issue - as well as if it will be the Netscape of crypto with a window for great gain that closes quickly or not.

[gib]

It's real easy to create a reddit account, just need a username and password, don't need to give an email address, just skip that part. It's instant.

I know but I’m too busy edumacating all the getbiggers here. No time for another forum

[Skorp1o]

Cybersecurity pioneer and eclectic personality John McAfee raised his 2020 bitcoin price target to $1 million, and his bet will undoubtedly leave even the most ardent bitcoin skeptic praying that he’s right.

McAfee, who joined MGT Capital Investments as chief cybersecurity visionary right as the firm was making its transition into the blockchain space, tweeted that he will eat his d**k if the bitcoin price does not reach $1 million by the end of 2020.#

John David McAfee (/ˈmækəfiː/ MAK-ə-fee;[2] born September 18, 1945) is a British-American computer programmer and businessman. He founded the software company McAfee Associates in 1987 and ran it until 1994, when he resigned from the company. McAfee Associates achieved early success as the creators of McAfee, the first commercial antivirus software, and the business now produces a range of enterprise security software. The company was renamed to Intel Security in 2011 after being purchased by Intel, though the software still retains the McAfee brand name. McAfee's wealth peaked in 2007 at $100 million.

[gib]

As a critic of Bitcoin as money, but not necessarily a total critic of the technology...I have spent several hours this week on research for "pro" Bitcoin information. Obviously you come across Andreas Antonopoulos doing that. If he is not one of the Bitcoin developers at a base level, then he knows them. I still fear that any govt regulation naming Bitcoin will have people jumping ship into another crypto platform. I have no doubt that it will go up at this point as new money flows in....and that it will not totally go away....how spectacular the fall could be is another issue - as well as if it will be the Netscape of crypto with a window for great gain that closes quickly or not.

A few comments. There is not just one “Government”. Rather there are hundreds of countries and hundreds of Governments. Some are embracing bitcoin (eg japan, Korea, Singapore). Some are neutral. And some are cautious (eg China has outlawed exchanges until it passes specific regulations). But no one has outlawed bitcoin for direct transactions or to own it - mainly because its impossible to do.

Further most governments know, as you say that outlawing btc would simply result into far more risky products. For this reason I think they will let btc exist but with some countries putting overlays in terms of regulation to slow down its use/growth/adoption and also to reduce the risk of btc being used to avoid tax.

[gib]

Cybersecurity pioneer and eclectic personality John McAfee raised his 2020 bitcoin price target to $1 million, and his bet will undoubtedly leave even the most ardent bitcoin skeptic praying that he’s right.

McAfee, who joined MGT Capital Investments as chief cybersecurity visionary right as the firm was making its transition into the blockchain space, tweeted that he will eat his d**k if the bitcoin price does not reach $1 million by the end of 2020.#

John David McAfee (/ˈmækəfiː/ MAK-ə-fee;[2] born September 18, 1945) is a British-American computer programmer and businessman. He founded the software company McAfee Associates in 1987 and ran it until 1994, when he resigned from the company. McAfee Associates achieved early success as the creators of McAfee, the first commercial antivirus software, and the business now produces a range of enterprise security software. The company was renamed to Intel Security in 2011 after being purchased by Intel, though the software still retains the McAfee brand name. McAfee's wealth peaked in 2007 at $100 million.

He was previously predicting 500K by 2020 which is already well above conventional thinking that it will be 100K.

He has a very unique and special relationship with various secretive arms of the Govt (CIA, NSA, military etc) due to his extensive cyber security influence and knowledge. So when he speaks you can guarantee others in important places will listen ...

[SOMEPARTS]

A few comments. There is not just one “Government”. Rather there are hundreds of countries and hundreds of Governments. Some are embracing bitcoin (eg japan, Korea, Singapore). Some are neutral. And some are cautious (eg China has outlawed exchanges until it passes specific regulations). But no one has outlawed bitcoin for direct transactions or to own it - mainly because its impossible to do.

Further most governments know, as you say that outlawing btc would simply result into far more risky products. For this reason I think they will let btc exist but with some countries putting overlays in terms of regulation to slow down its use/growth/adoption and also to reduce the risk of btc being used to avoid tax.

The larger picture is that govts exist at the pleasure of central banking. The fact that the only non-SWIFT countries left had/have huge military targets on their back should show that. They install the puppets and finance both sides of wars.

The fact that they allow crypto without a wide-sweeping policy at the current level shows they don't understand it, have a plan for it, or just outright fear it. Which of those three options it is I don't know. As I've said before if Bitcoin would go to a valuation like 500k ... the world financial system is unprepared for that kind of change. You can't get 5k out of a bank in the USA without them generating a SAR report and them asking what you are doing with the money. What about people just walking around with millions in transaction value on their phone? Quite a wide divide there.

[TheGrinch]

I’m not on reddit. But he’s clearly wrong. 1 bitcoin = 1 bitcoin (not nothing).

1 Muffler Bearing = 1 Muffler Bearing

1 Finnegan Pin = 1 Finnegan Pin

[manuelsonn]

 1 manbearpig = 1 manbearpig

[SF1900]

Maybe GIB is onto something. The price increases practically every day!

Bitcoin:
11536.56 US Dollar

[Skorp1o]

Maybe GIB is onto something. The price increases practically every day!

Bitcoin:
11536.56 US Dollar

He is onto something, that something is a bubble.