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

[Griffith]

Translation: "all you suckers bought in, putting me at the top of the pyramid and now I sold out".

Glad I didn't take advice from this thread!!

I knew it would end like this, the guys screaming the loudest propaganda do so for their own interests and want others to buy even at inflated prices so they can maximize gains and sell before the pyramid collapses and the rest who they sucked in make big losses or worse.

[TheGrinch]

Glad I didn't take advice from this thread!!

I knew it would end like this, the guys screaming the loudest propaganda do so for their own interests and want others to buy even at inflated prices so they can maximize gains and sell before the pyramid collapses and the rest who they sucked in make big losses or worse.

bingo

[Mr Anabolic]

Guys a little update (and as I said, I would post here, and say when I sold, whether it was at a profit or loss).

I am now almost entirely out of BTC, having sold off over the last few days at between 13500-16500. I now have 384K USD in the account I use for my BTC.

Its a pretty awesome feeling when you start, over a day to see the account balance grow as you see - $18,000, $24,000, $38,000 etc ending up to $384000 which is what I now have. (Also sold the BCC I had which was very nice considering I got it for "free").

I am holding now a single BTC on my Trezor and a bit of shrapnel on some other wallets (and also very nominal amounts of ETH and BCC).

So, pre-empting the questions, "why did you sell GIB"? You told us it will keep going up. (Or as Mr A likes to misquote, "you told us it would hit 100K then 1 million)".

Well, first, as I have always said, I don't think BTC can be valued. So it its indeed possible it could hit 40K end of year, and 100K in 3 years. (It could also drop significantly). Just today 2 "leading Wall St analysis" came out with BTC outlooks for year end 2018, one at 1.8K and the other at 20K. Personally, I am very very happy with the gains I have made.

When considering my buying price, these are the biggest % gains I have ever made on an investment (gambling and poker etc aside). Mind-blowing really. Part of what changed my thinking was that I was looking at a car I like which is selling for around USD 80K (a top of the range hotted up 2018 Ford Mustang) I sold off 80K to put aside, basically "securing the car", and then when I saw the reality of the cash and what it could buy I kind of thought of the remaining amount as being another 3 cars - a dose of reality perhaps. I "invested" on the feeling that a trend would take place, and I was right. Not perfect of course - I didn't sell a month back at 19K+ (and indeed if prices hit 40K, then in hindsight my decision to cash out will be far from perfect).

Prompting another expected comment - "but you already (supposedly) have so much money, why not just hold BTC then" its also about not losing money. I like making money, and I don't like losing money. (Buffet rule #1 - dont lose money). (Also noteworthy, I was one of the few who got out of the NASDAQ before it crashed (actually way too early).

Almost all of my crypto friends are holding or buying right now. Both more BTC, and then alt coins. Some have over USD 2m in crypto (including one who has most of his entire net worth now in crypto as basically has decided its all or nothing for him) - I have had discussions with them about converting into "real money" but all are very much of the view that there is much much more upside - lets see.

Will I rebuy? Well as I have said, everyone should hold at least 1 BTC, (for many reasons). Its also quite possible, that after the current trend to alt from BTC, we will eventually see a massive swing back to BTC. I will elaborate in future posts. Will I rebuy BTC -yes for sure, if it has a substantial correction.

I'll reply to some of the other comments a little later - busy now. Just wanted to share the update.

I misquoted nothing.  You said that many times over these last 60 pages of posts, in fact you said $100K on the very first post of this thread.  You should've been a politician. 

Hope all u guys got some. Soon will be able to retire and just chill and train when they get to 100k per coin.

You spent hours and hours pumping blipcoins and posting crap like this here.  If you actually believed any of it, you would've never sold it. What a disingenuous POS you are.
 

Debunking Mr A’s various bitcoin myths. Good summary below:

1. Bitcoin is not real money

The fundamental characteristics an asset must have to be considered money are:

Uniformity: In other words, every “dollar” or bitcoin is the same as the next one. When you’re talking about using seashells or cows as currency, uniformity is hard to achieve.

Divisibility: Dollars and bitcoin need to be divisible, broken up into small increments to cover a wide range of value transactions. Cows? Not so much, unless you’re hosting a barbecue.

Portability: Your currency must be easy to transfer and store.

Durability: Older, agriculturally-based forms of money had a shelf life. Gold is the ultimate when it comes to durability. Paper notes deteriorate.

Limited Supply: A currency is worthless if there’s no scarcity to it. In our office here in Hong Kong we have a 500 million dollar note issued by the Zimbabwean government – it’s a simple reminder of what ultimately happens when governments try to endlessly print their way to prosperity.

Acceptability: to be considered money, the asset has to be widely accepted. People all over the world will take U.S. dollars. They won’t however take Turkish lira.

Bitcoin holds all of these characteristics with the exception of acceptability – although that is rapidly changing. Japan passed a law earlier this year that made bitcoin acceptable as legal tender.

And the digital element of bitcoin? Well,  more than 90 percent of all money that exists today around the world is not even physical… it’s purely digital, existing only on computer servers.

2. Bitcoin can be hacked

In certain circles, bitcoin and cryptocurrencies in general are synonymous with hacking – thanks to some high-profile hacks of cryptocurrency exchanges – like Mt. Gox in 2014 or Bithumb in 2017.

In an area so nascent, of course there are hackers looking to exploit individuals’ inexperience, or find technological loopholes. Hackers have always and will always be a risk to ANYTHING where value resides on a computer network.

But bitcoin is one of the most secure assets an individual can own – it’s just that it’s 100 percent up to the individual to secure it themselves.

Cryptocurrency exchanges have been hacked. They are third-party platforms where you have no visibility as to how customers’ digital assets are being secured. That’s why I’ve said repeatedly that you shouldn’t keep large amounts of bitcoin on an exchange because when it’s on an exchange you don’t own it, they do.

And when it comes to hacking, you are far, far more at risk from other cybersecurity vulnerabilities – just look at U.S. credit reporting agency Equifax who announced recently that the Social Security numbers along with other personal information of millions of Americans may have been compromised.

That’s a catastrophic breach. And this kind of thing happens all the time. So there’s no use worrying about bitcoin “hacking” when you can take full personal control and accountability for securing it yourself (rather than be at the mercy of an incompetent third party).

3. Bitcoin is used by criminals

“Bitcoin’s core use remains what’s it’s always been: paying for drugs or extortion fees on the Internet.”

That’s a quote from a recent Fortune magazine article.

The suggestion that bitcoin’s core use is for buying drugs and extortion is nothing new – and it’s part of the media’s ongoing narrative. It’s understandable in many respects.

After all, there have been recent ransomware hack/virus attacks that demand users pay a small ransom in bitcoin to unlock their computers.

And who can forget the FBI’s 2013 takedown of Silk Road.

Silk Road was an online marketplace used to sell illegal drugs, dirty pictures, and stolen plastic.

These criminals thought that because bitcoin operated independently of the U.S. government, their activity couldn’t be traced.

But they were proved wrong once the government shut Silk Road down, and made an example of this illegal marketplace.

You see, it turns out bitcoin is nowhere near as anonymous and untraceable as cash.

Bitcoin is pseudonymous. That is to say, a bitcoin address can be tied to a particular user. You may not know who that user is, but that user has an identity. Think of it like a username on a website. You may not know who’s behind it, but that username is tied to a particular person – and their actions are tied to that username.

The whole point about bitcoin is that it’s actually transparent. Every transaction is recorded on the blockchain and visible to everyone.

In short, just because bitcoin has been the method of payment used by some criminals, it’s definitely not the currency’s core use.

4. Bitcoin is not regulated

A lot of people are worried about bitcoin because the government hasn’t come out with an official policy about how it should be run.

In short, there’s no financial system, like the U.S. Federal Reserve, manging its existence and value. And as a recent Forbes article “warns”, “there is no ‘good faith and credit’ of the government standing behind the currency.”

But think about it… does a government’s promise that something is “money” protect its value?

The U.S. dollar can be printed at will… and only has value because the government says so.

Plus, more regulation on bitcoin is quickly being established. For example, the U.S. Commodity Futures Trading Commission (CFTC), which regulates futures and options markets, already approved the creation of options trading around bitcoin.

And the SEC recently came out with a statement hinting that it will soon begin regulating cryptocurrencies.

These moves will only bring additional stability to the bitcoin market, and with it, some new money.

But what about in the rest of the world?

China recently announced a ban on initial coin offerings (ICOs), where companies create and issue cryptocurrencies to the public in exchange for bitcoin or ethereum (the second-largest cryptocurrency).

But China didn’t “ban” bitcoin.  And even if a government did want to ban it, the question is “how”? That cat’s already out of the bag. And bitcoin doesn’t answer to any government.

There is no bitcoin head office, no CEO, no board of directors.

What’s more, there’s no incentive for any major economy to “ban” bitcoin. (Japan, the third-largest economy in the world, made it legal tender.) Any government that does ban it is simply saying “we don’t want innovation, technology jobs, new companies, or enterprise in general”.

Now don’t get me wrong – there is and will be regulation, and there may even be a temporary shutdown of the exchanges.

But regulation is a different story altogether. For example, don’t think for a second that Uncle Sam is going to let you make 10x on a cryptocurrency trade and not pay your “fair share” of tax to the coffers.

5. Bitcoin is too volatile to invest in

Most people look at bitcoin’s daily price changes and write bitcoin off simply because it’s more volatile than your typical blue-chip stock. But these swings are growing smaller, as more and more people move money into bitcoin.

According to investment firm ARK Invest, at the beginning of this year, “bitcoin’s daily volatility was about one-fifth that of five years ago, and 28 percent less than January 1, 2016.”

And this trend should continue, as time goes on… and more money flocks into this sapce.

That said, even with this level of volatility, bitcoin delivered better risk-adjusted returns than stocks, bonds, gold and real estate over the past five years. In fact, over the past year alone, bitcoin performed twice as well as stocks, on a risk-adjusted basis.

I’m not saying bitcoin won’t be volatile. Like any asset, cryptocurrencies will continue to experience rallies and corrections. Don’t fall into the trap of thinking “this time is different” and that bitcoin will go up forever. The cryptocurrency could absolutely be in for a short-term price bubble. But over the long term, the upside is far from over. You just need to proceed carefully. And “invest” no more than you can absolutely afford to lose.

Don’t believe the media hype

As I said earlier, the media doesn’t really understand bitcoin. So what you read in the mainstream media on cryptocurrencies should be taken with a liberal dose of salt.

The truth is, bitcoin is a just a cryptographically scarce and secure medium of exchanging value. It’s not a vehicle for criminals or not a real currency. And bitcoin, and the technology behind it – called the blockchain – is quickly changing the world. And it’s here to stay. Being on the outside (and not understanding it) will limit your ability to profit.

So if you’re not familiar with it, now is the time to make the effort.

[Zillotch]

What a disingenuous POS you are.

boom

[Mr Anabolic]

Glad I didn't take advice from this thread!!

I knew it would end like this, the guys screaming the loudest propaganda do so for their own interests and want others to buy even at inflated prices so they can maximize gains and sell before the pyramid collapses and the rest who they sucked in make big losses or worse.

Like I said from the beginning... the price/perceived value of blipcoin (and ALL cryptos) is based on the "greater fool" principle.  It was a scam from the very beginning.  The originators always need some elaborate story to get people to buy into the scam.  Bitcoins are not anonymous... they NEVER were.  They are NOT money either.

I was hoping this blipcoin pumping fucktard would hold on and ride it all the way back down.  Oh well.

[SF1900]

Like I said from the beginning... the price/perceived value of blipcoin (and ALL cryptos) is based on the "greater fool" principle.  It was a scam from the very beginning.  The originators always need some elaborate story to get people to buy into the scam.  Bitcoins are not anonymous... they NEVER were.  They are NOT money either.

I was hoping this blipcoin pumping fucktard would hold on and ride it all the way back down.  Oh well.

Mr. Anabolic, will you at least buy ONE bitcoin, just for the hell of it? To see what can potentially happen?

[Mr Anabolic]

Mr. Anabolic, will you at least buy ONE bitcoin, just for the hell of it? To see what can potentially happen?

No, because I know it is inherently worthless... an intangible digital illusion.

Will you ever hold a gold coin in your hand and/or understand what real money is?   Probably not.

[Dave D]

I misquoted nothing.  You said that many times over these last 60 pages of posts, in fact you said $100K on the very first post of this thread.  You should've been a politician. 

You spent hours and hours pumping blipcoins and posting crap like this here.  If you actually believed any of it, you would've never sold it. What a disingenuous POS you are.
 

I agree with your sentiments.


Gib what gives when bitcoin was 10k-13k you were insisting those who didn't invest were making the worst financial decision of their life. Now you're completely out of the game?

Bitcoin must be failing.

[SF1900]

No, because I know it is inherently worthless... an intangible digital illusion.

Will you ever hold a gold coin in your hand and/or understand what real money is?   Probably not.

I've never invested in gold or silver or bitcoin, or anything like that. However, I could invest in gold, if I choose to. I don't know enough about that market to invest, like GIB knows about Bitcoin. You're right, I don't know what "real" money is, in terms of the complicated nature behind the industry, which is why I leave it up to people who do.

[Mr Anabolic]

I agree with your sentiments.


Gib what gives when bitcoin was 10k-13k you were insisting those who didn't invest were making the worst financial decision of their life. Now you're completely out of the game?

Bitcoin must be failing.

Of course it will fail.

Also, if gib is truly a multi-millionaire and making $500K a year like he claims, $384K should be pocket change to him.   He was so sure it was going to $100K - $1 million just 3 months ago.  Why not let it ride then cash in when it hits $1 million?

[Mr Anabolic]

I've never invested in gold or silver or bitcoin, or anything like that. However, I could invest in gold, if I choose to. I don't know enough about that market to invest, like GIB knows about Bitcoin. You're right, I don't know what "real" money is, in terms of the complicated nature behind the industry, which is why I leave it up to people who do.

The financial industry convolutes and complicates things on purpose.  The greedy banksters get more fees, commissions and expenses that way.  Traditional 401k's and IRAs skim/steal 5-10% of an average persons retirement fund per year.  Add that up over 20-30 years.  Banks and banksters are evil, you need to understand this.

Physical gold and silver (especially) are the safest and most underpriced assets/investments right now.  There are no counterparty risks.  That is free advice, the rest is up to you.

[SF1900]

The financial industry convolutes and complicates things because the greedy banksters get more fees, commissions and expenses that way.  Traditional 401k's and IRAs skim/steal 5-10% of an average persons retirement fund per year.  Add that up over 20-30 years.  Banks and banksters are evil, you need to understand this.

Ohh, I totally understand. I am one of the few on here who agree with you that politics is a sham, voting doesn't matter (which is why I don't vote), and not to put too much emphasis on politics (which I don't). Similarly, the banks are obviously evil. I have never assumed that any bank looks out for your best interest.

[Zillotch]

What are you talking about?

I'm talking about the end, my friend... of this world as u know it. I'm talking about a time in which men must to get their spiritual ducks in a row.

[Twaddle]

Of course it will fail.

Also, if gib is truly a multi-millionaire and making $500K a year like he claims, $384K should be pocket change to him.   He was so sure it was going to $100K - $1 million just 3 months ago.  Why not let it ride then cash in when it hits $1 million?

Are you saying you don't believe Gib is a millionaire making 500K per year?   So far, you've been right about bitcoin, maybe you're right about Gib's wealth as well?   

[SF1900]

Are you saying you don't believe Gib is a millionaire making 500K per year?   So far, you've been right about bitcoin, maybe you're right about Gib's wealth as well?   

Imagine if GIB was really a gimmick who spent 71 pages trolling! 

That would be a record for trolling!

[Twaddle]

Imagine if GIB was really a gimmick who spent 71 pages trolling! 

That would be a record for trolling!

In that case, great job.  You've really outdone yourself this time.   

[el numero uno]

Are you saying you don't believe Gib is a millionaire making 500K per year?   So far, you've been right about bitcoin, maybe you're right about Gib's wealth as well?  

I don't know what gib's net worth is, but I do think he's lying when he claims to be a top notch investor.

He never uses jargon, in fact, he usually gets terms or abbreviations wrong.

His conclusions were not only flawed but had no basis at all. Things like "bitcoin increased 1300% this year, so the next year it should increase at least 500%."; "Bitcoin will hit 100k soon"; "Bitcoing could hit 1 million at some point". He showed no support for such claims, it was pure speculation.

He was brainwashed by the claims about how bitcoin will become a global currency, that it was decentralized, even thou the top 4% of the early adopters own 96% of the market cap of bitcoin, etc, etc.


He really believed all the hype about bitcoin. At some point he was scared and decided to cash out.

[Mr Anabolic]

Are you saying you don't believe Gib is a millionaire making 500K per year?   So far, you've been right about bitcoin, maybe you're right about Gib's wealth as well?   

Not saying it's impossible, but it was only based on claims, there was nothing produced to prove it.  It's also possible that he did not own one single bitcoin.  Like someone said, he could have been trolling the entire time.  Screen shots of account balances with the account/ID numbers redacted would've made his claims more credible, but those can be faked too, especially in this day and age.

[Mr Anabolic]

I don't know what gib's net worth is, but I do think he's lying when he claims to be a top notch investor.

He never uses jargon, in fact, he usually gets terms or abbreviations wrong.

His conclusions were not only flawed but had no basis at all. Things like "bitcoin increased 1300% this year, so the next year it should increase at least 500%."; "Bitcoin will hit 100k soon"; "Bitcoing could hit 1 million at some point". He showed no support for such claims, it was pure speculation.

He was brainwashed by the claims about how bitcoin will become a global currency, that it was decentralized, even thou the top 4% of the early adopters own 96% of the market cap of bitcoin, etc, etc.

He really believed all the hype about bitcoin. At some point he was scared and decided to cash out.

He definitely was drunk on the crypto Kool-Aid.  He was pumping hard the first 50 pages of this thread and updating every $100 price increase.  He did the correct thing by cashing out, but in doing so proved he didn't believe the hype or his own posts from the very beginning.

However, there is no way to confirm that he had ANY bitcoins.  If he could prove it I would sincerely congratulate him on an easy $380,000 profit.  After the tax man gets his cut, he'll have approximately $247K.  

[robcguns]

I'm talking about the end, my friend... of this world as u know it. I'm talking about a time in which men must to get their spiritual ducks in a row.

But why?

[Zillotch]

But why?

I believe that the bible is true, and I'm watching the forecast described within it play out before my eyes in real time.

[gib]

I'm online and will now reply to a few of the posts here

[gib]

He definitely was drunk on the crypto Kool-Aid.  He was pumping hard the first 50 pages of this thread and updating every $100 price increase.  He did the correct thing by cashing out, but in doing so proved he didn't believe the hype or his own posts from the very beginning.

However, there is no way to confirm that he had ANY bitcoins.  If he could prove it I would sincerely congratulate him on an easy $380,000 profit.  After the tax man gets his cut, he'll have approximately $247K.  

Not drunk on any cool aid - I was stating facts all of which were correct and many of which debunked incorrect things you posted

The update every 100 was a nice way at having a little dig at you each time you were further proven wrong with your statements (starting from when you called bitcoin a ponzie scheme back in 2014 then calling the top at 5K then re-calling the top at 13K (I will repost your exact quotes a little later)

There are many ways to confirm I had coins (and that I sold them) - if you actually bought and sold btc you would know that my trezor contains details of the various transactions (amounts and dates etc)

Thank you for the congratulations on the profit I made (albeit conditional on me having told the truth lol) - the actual profit is a little lower as you failed to take into account my buy in price (ie the initial investment capital) but lets call it 340K - still a phenomenal return on a %age basis - around 1400% over the last year compared to your suggests (gold and silver) which produced pretty much a zero return

Imagine if you have put just $1000 into BTC back in 2014 when you poo pooed it calling it a "ponzi scheme"! At that time it was around $400 a coin - you do the maths - imagine if you have bought when you called "the top" and $5000 - an on and on

As for paying tax I have explained to you many times that I don't pay capital gains tax where I live - Please understand that not everyone is foolish enough to live in the US where taxes are imposed on capital gains - again I have addressed this several times in prior posts

Now what does surprise me a little is that no one has asked "what's next"? What' the next "big thing" you are going to do to make money?

[gib]

Not saying it's impossible, but it was only based on claims, there was nothing produced to prove it.  It's also possible that he did not own one single bitcoin.  Like someone said, he could have been trolling the entire time.  Screen shots of account balances with the account/ID numbers redacted would've made his claims more credible, but those can be faked too, especially in this day and age.

As I have explained before - my wealth (or lack of it - whatever you choose to believe) should not be relevant to my various posts on the topic bitcoin - please read and consider the posts independently of any wealth I may already have - please assume I have zero wealth if you wish and address the various points I have posted on BTC - I also did offer by the way to have a trusted admin or Ron do a video call with me where I could share screenshots and bank balances etc but again that would not really be relevant to the BTC discussion - for example how would I prove I'm not just a rich kid vs self made - and even if self made that does not necessarily I am right about everything going forwards - so again suggest focussing on the topic of btc rather than my level of wealth

[gib]

I don't know what gib's net worth is, but I do think he's lying when he claims to be a top notch investor.

He never uses jargon, in fact, he usually gets terms or abbreviations wrong.

His conclusions were not only flawed but had no basis at all. Things like "bitcoin increased 1300% this year, so the next year it should increase at least 500%."; "Bitcoin will hit 100k soon"; "Bitcoing could hit 1 million at some point". He showed no support for such claims, it was pure speculation.

He was brainwashed by the claims about how bitcoin will become a global currency, that it was decentralized, even thou the top 4% of the early adopters own 96% of the market cap of bitcoin, etc, etc.


He really believed all the hype about bitcoin. At some point he was scared and decided to cash out.

Lol at using jargon - I hang with many hedge fund dudes and can talk the talk - but it adds little value especially when speaking with people not in the industry - bear in mind I am often typing on the the go and on a mobile device

As for "bitcoin increased 1300% this year, so the next year it should increase at least 500%." don't misquote me (or misread me if that's what you did) - try replacing "should" with "could" and you would be more accurate

As for ""Bitcoin will hit 100k soon"; "Bitcoing could hit 1 million at some point". He showed no support for such claims, it was pure speculation." again a partial misquote but as for "support for such claims" I have explained many times that BTC cannot be valued - as such yes its possible that such valuations could be hit in the future

As for "He was brainwashed by the claims about how bitcoin will become a global currency, that it was decentralized" well it is a global currency and it is decentralized - no brainwashing- rather established fact

21 million coins max - this is also correct - again established fact

I have only partially "cashed out" - I have kept a coin - "scared" is not the right phrase - more appropriate is that I wanted to lock in my gains and did not want to risk losing from the point I sold at - having said that I have also said I may rebuy in the future