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

[gib]

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?

"Of course it will fail." - well that depends on what the purpose if BTC was/is - I think its overwhelming clear that on many levels it was a massive success

"If gib is truly a multi-millionaire and making $500K a year like he claims, $384K should be pocket change to him" - yes and no - reality is that regardless of my wealth 384K is a lot of money - and as you say it comes close to a years income - so yes I can "afford" to lose it but that does not mean I want to  - I did not ge to where I am by losing money - I got here by making money and avoiding losing money (my BTC investment and exit being a perfect example)

"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?" If it was a certainty then clearly I would have invested even more right? Reality is its not a certainty - further at my level there is a lot to be said for diversification of any asset (not matter how solid it seems) - what I did say though is that it it likely that it could hit 40K end of 2018 and 100K by 2020 - reality is that the ride there will not be smooth - again as I have said I may rebuy (and I will post here if/when I do so) - further I have kept a coin - if it hits 1 mil I'm good - no regrets about selling the rest

[gib]

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.

Doing nothing with ones cash is not usually "the worst financial decision of one's life" - but its clearly not the best decision either (although now is actually a good time to be sitting on cash - I will elaborate on that later - if you have zero exposure to BTC I would suggest you do consider buying some if only for the benefit of learning the whole process and understanding the "new era of crypto" let alone as a hedge against a range of worst case scenarios - but don't get me wrong - I would not suggest putting a large % of your net wealth into BTC (For the average person I would consider 10% of wealth into BTC to be a large allocation - even 5% still quite significant)

[gib]

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.

As much of an illusion as the electronic blips representing money in your bank accounts (actually less of an illusion really as money can be printed and created out of thin air wheres BTC is mathematically limited and decentralized)

As for gold coins yes they feel nice I'll give you that - but just like BTC they are inherently worthless with a value dependent only what people are collectively willing to ascribe to them

[gib]

Whew - one page done - on to the next page

[gib]

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

I advised the same even if only to learn the practically experince the proceess - how to find an exchange - how to get funds to the exchange or the seller - how to safely store - how to make a purchase using BTC - converting btc to cash in a foreign country - using btc to buy other crypto etc etc - this is the future and actually going through this is not only educational but creates perspective

[gib]

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.

The value of all assets are based on the he "greater fool" principle- supply and demand economics 101 - no scam as mathematics is purity - but yes like gold or silver or indeed any asset that produces no yield the value is dependent on what others will pay for it

Please explain how BTC is not anonymous - this really is an example of your total misunderstanding of how BTC works  - I will explain it once again - a buyer and a seller can transact with no-one knowing their identities - all that is tracked is the transaction itself on the blockchain - no personal data is tracked

As for being "money" BTC obviously is money (at least in as much as gold or silver etc or any asset is)

But either way these two points are really irrelevant to the issue as to whether BTC was a good investment - it clearly was for me as the numbers themselves have shown

[gib]

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.
 

Actually you spent hours and hours talking BTC down with factually incorrect statements all of which I proved you wrong on

And lets for a moment also consider who made money (and who missed out on making money) shall we?

I have explained why I sold and have been transparent about it as I said I would be

I will try to respond to other posts later - name calling is really quite pointless and adds little value to your position - but in any case I will now repond with a little poem for you

"Blipity blip blipty blip - Mr A was full of shxt"

[gib]

Actually you spent hours and hours talking BTC down with factually incorrect statements all of which I proved you wrong on

And lets for a moment also consider who made money (and who missed out on making money) shall we?

I have explained why I sold and have been transparent about it as I said I would be

I will try to respond to other posts later - name calling is really quite pointless and adds little value to your position - but in any case I will now repond with a little poem for you

"Blipity blip blipty blip - Mr A was full of shxt"

Oh and

"GIB made money - yeah lots of it"

[DooM_]

mr anabolic was right all along . . .

[manuelsonn]

This is what i call a good investement :

http://www.news.com.au/sport/superracing/punters-life/one-tab-punter-cleaned-up-with-a-20leg-multi/news-story/c66ae3db348d24fe3994b86b6d2efe0b

What you gib?

[Twaddle]

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

You numbers do not add up. 

384K account balance
340K profit
= 44K initial investment

44K x 1400% = 616K

If you made a 1400% return, your account should have around 616K in it.   

[el numero uno]

You numbers do not add up. 

384K account balance
340K profit
= 44K initial investment

44K x 1400% = 616K

If you made a 1400% return, your account should have around 616K in it.   

This is why I think he's bullshitting about being a top notch investor.

[Mr Anabolic]

Actually you spent hours and hours talking BTC down with factually incorrect statements all of which I proved you wrong on

And lets for a moment also consider who made money (and who missed out on making money) shall we?

I have explained why I sold and have been transparent about it as I said I would be

I will try to respond to other posts later - name calling is really quite pointless and adds little value to your position - but in any case I will now repond with a little poem for you

"Blipity blip blipty blip - Mr A was full of shxt"

Not an argument and you're most likely a liar.

[Mr Anabolic]

You numbers do not add up. 

384K account balance
340K profit
= 44K initial investment

44K x 1400% = 616K

If you made a 1400% return, your account should have around 616K in it.   

I said many pages ago that something was fishy about this guy.  Contradicting himself all the time.  Things just didn't add up.

[Mr Anabolic]

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?

....

Your obfuscation tactics are amusing.  It won't work bud.

The fact that you sold it all contradicts this and EVERYTHING else you posted in this thread.  

You're in denial.

[Mr Anabolic]

mr anabolic was right all along . . .

Thanks, but my main goal here is to expose pumping fraudsters who promote scams and Ponzi schemes.  Gib appears to be one of those.  

About 80% of Gib's claims has proven to be incorrect and/or outright lies.  If he truly believed any of this nonsense, he wouldn't have sold it.  That is the main point I will continue to hammer home here.  Plus, it gives Gib something to banter on about... he enjoys that - lol

Blipcoins may indeed go higher (due to 'the greater fool principle'), but I am certain the price will fall precipitously at some point.  People are selling their homes to buy it... people are maxing out their credit cards to buy it.  This will not end well.

[el numero uno]

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

When you specialize in whatever field you choose to it's actually HARD to not use jargon when you talk about it, even when you talk to people with different backgrounds. You've been talking about how great you are at investing for 70 pages yet I haven't read anything from you that shows experience or knowledge in investing. It's fishy as hell.  

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

Like if makes any difference... lol

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

So, because it can't be valued then it's logical to think it could reach 100k or even 1 million? What?

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.

Decentralized my ass. Early buyers hold 94% of the market cap. And it won't become a global currency since most people don't even know what bitcoin is.

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

You're a bullshitter. It shines through your posts.

[Mayday]

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

Come on dude, if you are a proper trader you will be smarter than that first comment you made.

Everything can be valued in 2 ways:
a) At a value the market will pay today
b) At a future value the market will pay - Think Enron. Think toxic asset transfer from US banks to the Fed.  Neither price had a real life buyer.

Bitcoin is worth US$14.3k. That's it's value today with around $20B capital.

To hit $100k you need at least $100B.

To hit $1M you need at least $1T.

It's extremely easy to calculate and work out future values on existing capital and future requirements. Even the main spruiker heads gave rough numbers on capital requirements but maybe you did not read those major articles?

Bitcoin today is only good for black market purchases, laundering, purchasing other cryptos, making it a currency for illegal purposes and for exchanges. Outside those markets it is not a global currency or even remotely close to being adopted as one despite that being it's goal in life.


You sold because you know something is wrong but you can't figure out why it's wrong. The answer to that is ironically your investment gains had nothing to do with the things you spoke about in this thread.
a) you purchased BTC at a time when it did not do anything.
b) you sold BTC at a time when it did not do anything.

72 pages of you pushing your rationale of what a currency is yet none of them had anything to do with your 1300% return. All these ideas you had were wrong because none of them happened.

You rode the hype train. Nothing more. If your ego can accept that it will make you better as you will be able to then identify hype returns ontop of any real world objectives.


We are in a hype phase. The promise phase. It's a small market right now. We are nearing the adoption phase which will decide which cryptos live and which cryptos die. Anything that survives will see capital from the dying coins flow into them and boost the price (eg bitcoin flowing to eth). When this settles, the market will receive it's extra capital injection where you get hype round number 2.

Per my previous comment, what if the very first bump in the asset bubble chart is what we are seeing today....Dotcom was $3T 20yrs ago which is probably closer to $10T today given the online world we live in meaning the paltry $550B market cap is nowhere near the peak.

Bitcoin might be dying but it doesn't mean all cryptos are.

[gib]

Come on dude, if you are a proper trader you will be smarter than that first comment you made.

Everything can be valued in 2 ways:
a) At a value the market will pay today
b) At a future value the market will pay - Think Enron. Think toxic asset transfer from US banks to the Fed.  Neither price had a real life buyer.

Bitcoin is worth US$14.3k. That's it's value today with around $20B capital.

To hit $100k you need at least $100B.

To hit $1M you need at least $1T.

It's extremely easy to calculate and work out future values on existing capital and future requirements. Even the main spruiker heads gave rough numbers on capital requirements but maybe you did not read those major articles?

Bitcoin today is only good for black market purchases, laundering, purchasing other cryptos, making it a currency for illegal purposes and for exchanges. Outside those markets it is not a global currency or even remotely close to being adopted as one despite that being it's goal in life.


You sold because you know something is wrong but you can't figure out why it's wrong. The answer to that is ironically your investment gains had nothing to do with the things you spoke about in this thread.
a) you purchased BTC at a time when it did not do anything.
b) you sold BTC at a time when it did not do anything.

72 pages of you pushing your rationale of what a currency is yet none of them had anything to do with your 1300% return. All these ideas you had were wrong because none of them happened.

You rode the hype train. Nothing more. If your ego can accept that it will make you better as you will be able to then identify hype returns ontop of any real world objectives.

You are just a tad off with your market caps lol. Bitcoin currently has a market cap of around 240 Billion already. (It’s an easy calculation - number of coins times current price).

Thank you for your analysis on what you think btc is good for and also why I sold Yes I rode the hype train and even better I got off successfully. Be happy for me and those who did likewise.

[OneMoreRep]

Come on dude, if you are a proper trader you will be smarter than that first comment you made.

Everything can be valued in 2 ways:
a) At a value the market will pay today
b) At a future value the market will pay - Think Enron. Think toxic asset transfer from US banks to the Fed.  Neither price had a real life buyer.

Bitcoin is worth US$14.3k. That's it's value today with around $20B capital.

To hit $100k you need at least $100B.

To hit $1M you need at least $1T.

It's extremely easy to calculate and work out future values on existing capital and future requirements. Even the main spruiker heads gave rough numbers on capital requirements but maybe you did not read those major articles?

Bitcoin today is only good for black market purchases, laundering, purchasing other cryptos, making it a currency for illegal purposes and for exchanges. Outside those markets it is not a global currency or even remotely close to being adopted as one despite that being it's goal in life.


You sold because you know something is wrong but you can't figure out why it's wrong. The answer to that is ironically your investment gains had nothing to do with the things you spoke about in this thread.
a) you purchased BTC at a time when it did not do anything.
b) you sold BTC at a time when it did not do anything.

72 pages of you pushing your rationale of what a currency is yet none of them had anything to do with your 1300% return. All these ideas you had were wrong because none of them happened.

You rode the hype train. Nothing more. If your ego can accept that it will make you better as you will be able to then identify hype returns ontop of any real world objectives.


We are in a hype phase. The promise phase. It's a small market right now. We are nearing the adoption phase which will decide which cryptos live and which cryptos die. Anything that survives will see capital from the dying coins flow into them and boost the price (eg bitcoin flowing to eth). When this settles, the market will receive it's extra capital injection where you get hype round number 2.

Per my previous comment, what if the very first bump in the asset bubble chart is what we are seeing today....Dotcom was $3T 20yrs ago which is probably closer to $10T today given the online world we live in meaning the paltry $550B market cap is nowhere near the peak.

Bitcoin might be dying but it doesn't mean all cryptos are.

Decent breakdown, cap rate on Bitcoin was way off, it's at 241B as we speak.

I wonder why Buffett is so against these crypto currencies.

"1"

[rocket]

Currently have an 800w mining rig in my laundry.

Considering it's in an Australian laundry and it's Australian summer, that makes for one toasty laundry

[gib]

I wonder why Buffett is so against these crypto currencies.

"1"

It’s because as I have said many times BTC cannot be valued, as they produce no yield. (Same with gold). Which is why as a value investor I really struggled with the concept of buying BTC (see my initial posts explaining this delimma).

[Mayday]

Hold on.... that wasnt market caps i gave you guys.....

That was Capital requirements..... real cash.... cash needed to be injected into the exchanges in order to hit those prices. This is real investment.

There is 20B in bitcoin now. Real money.  That is my calculation based off JPM data which last showed 6B before the last surge in November/December.

It needs 100B more real money to reach 100k price.

It would need a trillions dollars cash injected to get to 1M.

In other words, those prices are impossible without massive finance market backing it along with hedgefunds.

Therefore when gib and others throw these numbers around the above is the cash environment it requires.

I am in analytics for a living and i do this sort of thing day in day out for a global company. As a general rule, people are optimistic, if they are super excited, they are on planet Mars and all reasoning goes out the window.

 

[Mayday]

Thank you for your analysis on what you think btc is good for and also why I sold Yes I rode the hype train and even better I got off successfully. Be happy for me and those who did likewise.

As my post.above it wasnt market caps i gave but real world cash investment required to hit those claim pricepoints. its a very different thing to market cap.

I commended and applauded yoj already on 3 posts. I feel you missed it and instead chose to take offense at my  input.

It's important to step back and perform a lessons learned..... for you its a matter of saying your investment outcome was 1300%. However your initial rationale and logic on which you based your investment was incorrect.

In fact you sold before bitcoin did any of the things of which your investment was based. Therefore you should reflect on what went wrong back at step 1 when you did your analysis that drove you to invest. The answers are in this thread to help you learn and adapt next time. The next time you pick something it could go horribly wrong.

the reason nobody has asked you what you will invest in next is because you havent been right about anything for the RIGHT reasons.

[gib]

As my post.above it wasnt market caps i gave but real world cash investment required to hit those claim pricepoints. its a very different thing to market cap.

I commended and applauded yoj already on 3 posts. I feel you missed it and instead chose to take offense at my  input.

It's important to step back and perform a lessons learned..... for you its a matter of saying your investment outcome was 1300%. However your initial rationale and logic on which you based your investment was incorrect.

In fact you sold before bitcoin did any of the things of which your investment was based. Therefore you should reflect on what went wrong back at step 1 when you did your analysis that drove you to invest. The answers are in this thread to help you learn and adapt next time. The next time you pick something it could go horribly wrong.

the reason nobody has asked you what you will invest in next is because you havent been right about anything for the RIGHT reasons.

Thanks - no offence taken at all

I explained at the time BTC cannot be valued - hence I invested based on what I perceived would be a rising trend into BTC - its something as a value investor that I rarely do but I did it on this occasion and did well and I took some nice gains - this does not mean BTC could not go a lot higher (even Mr A has now hedged his view and agrees with this - a breakthrough (or maybe just a face saving technique lest be be embarrased yet again from calling yet another number as "the top"

Next time I pick based on what I foresee a trend I hope I will be right - but normally I invest based on a calculation of value

Yes any investment can go horribly wrong - key is to make the right investments more often than the wrong one - as a value investor that's relatively easy to do