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

[Theoak*]

Here, if you need more evidence, 250 million dollars has left bitfinex in the last 24 hours lol.This is a massive exit in to btc, next wil be a massive exit from btc in to fiat.

We gotta take a lot of this assessment of Bitfinex's situation - and the supposed dire Bitfinex/Tether circumstances with a considerably Largr grain of salt.  Of course, some folks will be leaving Bitfinex, and also some folks will be removing their coins from exchanges too, but those changes in liquidity can also provide real decent BTC pumpening potential because there are then fewer coins on exchanges, causing BTC's price to go up rather than an anticipation that BTC's price should be going Down.

How far, and how long the pumpening effect can last continues as a significant unknown  likely even to BIGGER players, and surely at some point we are going to experience the 20-30% plus BTC price correction that a lot of us long-term BTC monitors anticipate - yet, such 30% plus BTC price correction would not necessarily justify either fence sitting now, nor shorting nor selling a decent quantity of your BTC stash such 30% BTC price correction might end up taking place ONLY after this particular BTC pumpening has played itself out - perhaps now, and perhaps also NOT until BTC gets into a $10k-ish price arena  

[Theoak*]

Is Litecoin a decent investment then?

Well ltc is up over 15% since I advised what I would do with 10k
5k ltc
5k btc

[obsidian]

Ok cool. Go buy some lead then. I’ll stick to gold ...

Lol an ounce of Gold depreciated in value the past few years. Only lead I buy is in bullets.

Ethereum and Bitcoin are both up over 200% since December 2018. If you bought $10,000 of either then you would have seen the same increase in value.

Let's tag team this shit. You hype Bitcoin and I'll hype Ethereum and all the other Alts. 

https://www.newsbtc.com/2019/05/07/will-altcoins-continue-to-decouple-from-bitcoin-as-short-term-bullish-trend-continues/

[Theoak*]

The price difference between gold and lead is bigger by magnitudes compared to Bitcoin vs Ethereum. Ethereum had a bigger market cap than Bitcoin today at its height. Peak ratio was 14 ETH for 1 BTC.

I bought silver coins, not gold coins. And gold is now worth less than it was when I bought silver many years ago.

Of course, a lot of people invest in physical metals and they believe that there is some value in that based on historical circumstances and tangibility.  I don't assess much value in that, including my perception of either gold's future value propositions or unlikely Armageddon situations that might cause gold to become more valuable than physical metals.  Again, I don't liv my life based on events that have very low probabilities of happening.  If an event has less than 1% chance of happening, in my view, then I should be putting less than 1% of effort into preparing for that direction.

 I had considered investing in gold for Awhile and when bitcoin came into my radar in late 2013, I considered bitcoin as a very good substitute for my having had considered investing in gold.  Accordingly, bitcoin is way more portable, divisible, verifiable, and personally empowering in terms of ability to manage.  I see no reason to hedge with gold, unless a person were to just appreciate collecting things, and I would like to be more portable and flexible, personally speaking.

[obsidian]

You realize that no one is falling for your lies. 

He is not promising anything. It is a gamble like anything else. Do you have balls or not? Mark Cuban gave some useful info about cryptos back in 2017.

Billionaire Mark Cuban seems to be among that group. As he told Vanity Fair, it's OK to invest up to 10 percent of your savings in high risk investments, including bitcoin and ethereum. You've just "got to pretend you've already lost your money," he said, adding that it's like throwing "the Hail Mary."

https://www.cnbc.com/2017/11/22/mark-cuban-only-invest-in-bitcoin-if-youre-prepared-to-lose-your-money.html

Basically you should not give a fuck about any money you put into cryptos. Assume it is already lost and you will make zero profits and only have a 100% loss. With that mindset it prepares you for the worse. Anything beyond that is then a plus.

This is my mindset. Could I lose money with cryptos. Fuck yeah. Could I lose money in a bar drinking expensive alcoholic drinks? You bet. I'm not taking my money to the grave either. Might as well have some fun and take chances here and there. But it has to be money you can afford to lose. Don't be that guy that mortgages his house on cryptos!

[obsidian]

Just a week ago Bitcoin's market cap crossed $100 billion. Now it is at $118 billion. In 7 days! It has of course gone up more dramatically in the past.

Ethereum is looking to cross the $20 billion barrier soon.

[Theoak*]

You realize that no one is falling for your lies. 

In essence, he is not lying , but just to describe what seems to be currently taking place and to suggest that based on current bitcoin dynamics, there is likely going to continue to be a gravitation of value into bitcoin which has a lot of other effects that are likely going to be societal wide. 

No one is going to really know the details of how the future is going to evolve, but each person may well be able to contemplate various changing dynamics that are partly caused by changed tools and the power of such tools.. referring to bitcoin here.    Once you make various assessments, you assign probabilities to future events and attempt to live your life based on situations that seem more probable to come true.. and you are not locked into your initial assessment, because you tweak along the way and hope that you were kind of in the ballpark in your earlier assessments rather than in complete fantasy land.. 

The closer you are the more likely you will prosper, unless you just get lucky,. but I prefer to live a life of good odds and not too much drama rather than making bets on things that are not likely to happen.  To each their own.  We are not all the same in our views, willingness to take risk, financial means, talents and timeline considerations.

[gib]

As bitcoin continues to grow, as it likely will, the unit of account aspect will become more and more stable too... But there may likely be another 10 years or more of bitcoin growth, including likely 1000x or more price increasing in bitcoin that will also bring more and more stability in its price... in other words, the instability in bitcoin in the next 10 years or more... and perhaps even more than 20 years, is going to likely be in the upwards direction, merely based upon ongoing and increasing adoption... that is seeming nearly inevitable.

Yep it’s certainly one possible scenario.

As MrA always used to say... blip coins first comes 10,000, then 100,000 the comes 1,000,000!

[LurkerNoMore]

You are running on emotion and hype.Im running on the evidence.The stats and evidence never lies.

I looked at that site you have screen capped from.  I didn't know that many cryptos existed.  (as I said, I have not studied this field at all).

I see tether is about $1 now.  You (or anyone else) don't think that tether is worth investing in?

I see Litecoin has the biggest change with 13.45% change.  This isn't sound to put money in?

[LurkerNoMore]

Here, if you need more evidence, 250 million dollars has left bitfinex in the last 24 hours lol.This is a massive exit in to btc, next wil be a massive exit from btc in to fiat.

Can you explain this a little more in detail and simplified for dummies like me.

[LurkerNoMore]

I see some mentions of "decoupling" bitcoin from other alts.  I have no idea what this means, but when it happens will the other crypto coins soar or crash?

[Army of One]

TO ALL NEWCOMERS TO BITCOIN I URGE YOU TO READ THIS THREAD IN ITS ENTIRETY.

I started it as my effort to capture a discussion that will be of value many years to come as historians look back on the evolution of bitcoin. And also to genuinely educate readers.

Remember - Everyone’s Money can Buy into the Emerging Revolution of Tomorrow.

Oh - and 6800 ...

You are acting like you discovered this lol.”capture a discussion that will be of value as historians look back..” oh lord, I can link you to the actual discussions historians will be looking back on, and they happened 8-10 years ago.Like the following, the first bitcointalk post by satoshi nakamoto in 2009, the creator of btc, whose identity still isnt confirmed.

https://bitcointalk.org/index.php?topic=5.msg28#msg28

They are not going to come to a bodybuilding forum full of people who are 8 years late to all the truly life changing gains with some guy posting a thread at the end of the 2017 bull run, who clearly missed all the important proceeding years.You are not “in the know” to something new, you are late late to the party.Even Goodrum was talking about this 5 years ago.

Ive been in crypto for 6, knew about btc in 2010, considered investing in 2011, bought in 2013.Again there are far bigger gains in coins you have never heard of.lamda just went 50x, quant went 40x,chx 24x etc.Maybe you can get a 10x btc, but youll get it much faster elsewhere.

[Army of One]

I looked at that site you have screen capped from.  I didn't know that many cryptos existed.  (as I said, I have not studied this field at all).

I see tether is about $1 now.  You (or anyone else) don't think that tether is worth investing in?

I see Litecoin has the biggest change with 13.45% change.  This isn't sound to put money in?

Tether is a so called Stablecoin, the idea of it is it always stays at a dollar or within a % or 2 within it, it basically allows people not to have to cash out to fiat, aka usd or euro etc,while also not risking leaving themselves in volatile crypto and losing money.So say you made 30k in btc by december 2017, anyone who sold btc for 30k usd tether back then and didnt sell the tether back to btc, still has 30k usd value in tether, meaning they could buyback 30k usd value in btc anytime they want.

The whole problem with tether is that every tether was supposed to be backed in a bank account by 1 real US dollar, but they have refused to do audits.Recently an investigation has discovered there is 800 million usd of backing is missing, meaning its only 75% backed at the most, this essentially amounts to fraud as they are now printing money out of thin air, aka bitfinex is printing tether backed by nothing and buying btc with it.This is why they will be shut down.

[Army of One]

I see some mentions of "decoupling" bitcoin from other alts.  I have no idea what this means, but when it happens will the other crypto coins soar or crash?

Decoupling means the whole market not being reliant on btc crashing or mooning.Mostly every crypto is priced in satoshis, satoshi being the creator of btc, so satoshi being a unit of btc.So a new coin could be awesome at whatever it does, but if btc was to suddenly lose half its value, that coin would lose minimum half its value as well.The only time alt coins do well is when btc goes sideways, anytime btc goes up or down then alt coins are in a world of pain.Most of the market is traded by bots, aka ai on computers, when btc starts going up, the bot sells the alt coin for btc to ride the gains, when btc starts going down, the bot sells the alt coin in to tether to avoid losing usd value.When btc goes sideways, well nothing happens, the market gets bored, and alt coins start pumping.That is why exchanges now are adding more pairings to alt coins, pairings in eth, ltc, usd, euro etc, to try and gradually move alts away from just moving with btc, whose marketcap makes up 58% of the total cryptocurrency marketcap.

[Army of One]

Can you explain this a little more in detail and simplified for dummies like me.

The image shows the amount of bitcoin going in to exchange wallets, and the amount going out of exchange wallets.Every cryptocurrency is stored in a crypto wallet, which is essentially an online account ,but really its on a blockchain, that is protected by seedwords or a passphrase. Every cryptocurrency transaction is viewable on an immutable ledger, you can literally view all the transactions of btc for example, and even who the most wealthy holders are, see here.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Btc past transactions cant be altered unless there is a 51% attack by the miners.Which is unlikely .Exchanges are what allow people to buy and sell crypto, they barter the trade and take a small % for bartering the trade.Exchange wallets for the big exchanges tend to hold hundreds of millions worth of crypto from people who moved their crypto in there to trade,and then some of the exchange profits etc mixed in with that. for example, in the last 24 hours 46 million worth of btc came in to the bitfinex wallet, and 291 million went out!a 242% change in 24 hours.Meaning people are running for the hills.

[LurkerNoMore]

Tether is a so called Stablecoin, the idea of it is it always stays at a dollar or within a % or 2 within it, it basically allows people not to have to cash out to fiat, aka usd or euro etc,while also not risking leaving themselves in volatile crypto and losing money.So say you made 30k in btc by december 2017, anyone who sold btc for 30k usd tether back then and didnt sell the tether back to btc, still has 30k usd value in tether, meaning they could buyback 30k usd value in btc anytime they want.

The whole problem with tether is that every tether was supposed to be backed in a bank account by 1 real US dollar, but they have refused to do audits.Recently an investigation has discovered there is 800 million usd of backing is missing, meaning its only 75% backed at the most, this essentially amounts to fraud as they are now printing money out of thin air, aka bitfinex is printing tether backed by nothing and buying btc with it.This is why they will be shut down.

Ok, so tether is NOT a great choice to buy into and invest.

[LurkerNoMore]

The image shows the amount of bitcoin going in to exchange wallets, and the amount going out of exchange wallets.Every cryptocurrency is stored in a crypto wallet, which is essentially an online account ,but really its on a blockchain, that is protected by a seedword or passphrase. Every cryptocurrency transaction is viewable on an immutable ledger, you can literally view all the transactions of btc for example, and even who the most wealthy holders are, see here.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Btc past transactions cant be altered unless there is a 51% attack by the miners.Which is unlikely .Exchanges are what allow people to buy and sell crypto, they barter the trade and take a small % for bartering the trade.Exchange wallets for the big exchanges tend to hold hundreds of millions worth of crypto from people who moved their crypto in there to trade,and then some of the exchange profits etc mixed in with that. for example, in the last 24 hours 46 million worth of btc came in to the bitfinex wallet, and 291 million went out!a 242% change in 24 hours.Meaning people are running for the hills.

Thank you for taking time to type all this out.  I am beginning to get an understanding of this now.

[Army of One]

Ok, so tether is NOT a great choice to buy into and invest.

About litecoin being up so should you buy it.This is the crux of the problem of trading, people want to buy when something has already gone up, when really you should be buying when something has dumped and is down.This is why most traders/buyers lose, they get emotional and want to jump on the hype, and when something has dumped in price they are not interested.Buy when everyone is depressed, sell when everyone is euphoric.Its really that easy.

[gib]

Morning all!!

6900 ...

[Dave D]

Morning all!!

6900 ...

You bought 2 at 5300? At what point will you sell?

[Army of One]

Morning all!!

6900 ...

Again, nice as this is, its tiny gains compared to what you could be getting.Making a thread and bragging about 20% gains on btc and how you are making threads that will go down in history is laughable.

[Dave D]

Again, nice as this is, its tiny gains compared to what you could be getting.Making a thread and bragging about 20% gains on btc and how you are making threads that will go down in history is laughable.

Gib could have hooked up with Carmen Electra but he was to shy. The bitcoin coin thread will never be as embarrassing.

[Theoak*]

Thank you for taking time to type all this out.  I am beginning to get an understanding of this now.

Ok bit more understanding if btc captures 5% of world adoption

World wealth: 317 Trillion USD
https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html

Bitcoins in circulations: 17,700,000
https://www.blockchain.com/charts/total-bitcoins

Hence follows:

1BTC=5%*317,000,000 /17.7= 895,000 Per btc

[gib]

Ok bit more understanding if btc captures 5% of world adoption

World wealth: 317 Trillion USD
https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html

Bitcoins in circulations: 17,700,000
https://www.blockchain.com/charts/total-bitcoins

Hence follows:

1BTC=5%*317,000,000 /17.7= 895,000 Per btc

Bear in mind the total number of bitcoins actually accessible and not “lost” is far less. Hence a valuation based on this formula, could be higher.

Bear in mind further that over time we will continue to see more USD printed. To to the extent you are measuring BTC value in USD, the nominal value will also be higher over time.

[LurkerNoMore]

Ok bit more understanding if btc captures 5% of world adoption

World wealth: 317 Trillion USD
https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html

Bitcoins in circulations: 17,700,000
https://www.blockchain.com/charts/total-bitcoins

Hence follows:

1BTC=5%*317,000,000 /17.7= 895,000 Per btc

Holy crap.  I assume this is a big IF as in it reaches the full maximum there.   Hell, reaching half would be awesome.