Author Topic: Bitcoins - about to hit $5,000 per coin today! (Read 1121022 times)

Flexacon · « **Reply #3150 on:** May 11, 2020, 10:57:10 PM »

Quote from: gib on May 11, 2020, 09:46:14 PM

And the having is upon us!

It now takes 2x the effort to mine a coin as it did yesterday. The BTC algorithm not only guarantees absolute scarcity but now also has caused a reduction in mining output.

Well my sauces tell me to expect a big dip soon.

Theoak* · « **Reply #3151 on:** May 11, 2020, 11:25:44 PM »

Quote from: Flexacon on May 11, 2020, 10:57:10 PM

Well my sauces tell me to expect a big dip soon.

Barbecue and Tomato are hardly reliable sauces.

Bindare_Dundat · « **Reply #3152 on:** May 12, 2020, 04:49:26 AM »

I own some crytpo. Bitcoin, litecoin and xrp.

Xrp hasn't done shit. Litecoin has tanked since I purchased some and Bitcoin hasn't done enough to impress me.

I keep hearing all these people talk about how things will break out to the moon but so far it's just farts in the wind.

Flexacon · « **Reply #3153 on:** May 12, 2020, 04:52:38 AM »

Quote from: Theoak* on May 11, 2020, 11:25:44 PM

Barbecue and Tomato are hardly reliable sauces.

More reliable than gibbons

gib · « **Reply #3154 on:** May 12, 2020, 08:48:09 AM »

Quote from: Bindare_Dundat on May 12, 2020, 04:49:26 AM

I own some crytpo. Bitcoin, litecoin and xrp.

Xrp hasn't done shit. Litecoin has tanked since I purchased some and Bitcoin hasn't done enough to impress me.

I keep hearing all these people talk about how things will break out to the moon but so far it's just farts in the wind.

Huh? I suggest you go take a look at how BTC has performed since it was released...

pellius · « **Reply #3155 on:** May 12, 2020, 02:27:32 PM »

Quote from: gib on May 12, 2020, 08:48:09 AM

Huh? I suggest you go take a look at how BTC has performed since it was released...

I thought the halving would decrease the supply causing the demand, and therefore the price, to rise.

Teutonic Knight 1 · « **Reply #3156 on:** May 12, 2020, 02:42:42 PM »

Quote from: gib on May 12, 2020, 08:48:09 AM

Huh? I suggest you go take a look at how BTC has performed since it was released...

Wiggzy, how is massaging business in Florida doing ...............

Bindare_Dundat · « **Reply #3157 on:** May 13, 2020, 02:45:17 AM »

Quote from: gib on May 12, 2020, 08:48:09 AM

Huh? I suggest you go take a look at how BTC has performed since it was released...

What good does looking back so many years do anyone getting into Bitcoin today? Seriously curious.

gib · « **Reply #3158 on:** May 13, 2020, 05:53:01 AM »

Quote from: pellius on May 12, 2020, 02:27:32 PM

I thought the halving would decrease the supply causing the demand, and therefore the price, to rise.

The halving effect is arguably “priced in”. As the algorithm is public everyone knows when it will come and do arguably the effect is neutral. But either way there is potential huge upside ahead.

gib · « **Reply #3159 on:** May 13, 2020, 05:54:04 AM »

Quote from: Bindare_Dundat on May 13, 2020, 02:45:17 AM

What good does looking back so many years do anyone getting into Bitcoin today? Seriously curious.

Some people believe the historical trend is a good predictor of future trend.

gib · « **Reply #3160 on:** May 13, 2020, 05:55:30 AM »

pellius · « **Reply #3161 on:** May 13, 2020, 07:15:28 PM »

Quote from: gib on May 13, 2020, 05:55:30 AM

But in this case why would the halving drive prices down as there has been a steady trend downward? And why, when I look at BTC activity I see it points up at +3.74 but my balance just steadily ticks down by the second.

gib · « **Reply #3162 on:** May 13, 2020, 08:19:01 PM »

Quote from: pellius on May 13, 2020, 07:15:28 PM

But in this case why would the halving drive prices down as there has been a steady trend downward? And why, when I look at BTC activity I see it points up at +3.74 but my balance just steadily ticks down by the second.

Halving did not drive prices down. Or up. The algorithm is public and as such the process for creation of BTC is priced in (or at least should be in theory).

Take your coins out of “your account”. And put them into cold storage. If they are sitting on an exchange you are taking some risk as the coins are not under your control.

Again put coins into storage and come back in 10 years. You will thank me.

pellius · « **Reply #3163 on:** May 13, 2020, 10:08:12 PM »

Quote from: gib on May 13, 2020, 08:19:01 PM

Halving did not drive prices down. Or up. The algorithm is public and as such the process for creation of BTC is priced in (or at least should be in theory).

Take your coins out of “your account”. And put them into cold storage. If they are sitting on an exchange you are taking some risk as the coins are not under your control.

Again put coins into storage and come back in 10 years. You will thank me.

I'll be 70 years old. I need to start ballin' now.

Cash app works differently. The cost and the way you were explaining cold storage to me gave me a headache. BTC will never take off with that kind of stuff nor with the volatility. How can you take a payment in BTC when it's worth $10 one minute and $9.50 the next?

anabolicguru · « **Reply #3164 on:** May 13, 2020, 10:17:57 PM »

BTC is "primary" used in the dark web, not really for day trading, maybe for long term investment, maybe, but its still all speculation, again, only use if for "purchase"

gib · « **Reply #3165 on:** May 13, 2020, 10:58:10 PM »

Quote from: pellius on May 13, 2020, 10:08:12 PM

I'll be 70 years old. I need to start ballin' now.

Cash app works differently. The cost and the way you were explaining cold storage to me gave me a headache. BTC will never take off with that kind of stuff nor with the volatility. How can you take a payment in BTC when it's worth $10 one minute and $9.50 the next?

To younger person who thinks in BTC, its the USD that is fluctuating, not BTC. Reason being is that USD can be printed to infinity, whereas BTC is limited by mathematical certainty.

Gold also fluctuates in value second my second too by the way (indeed as so all currencies).

Over time we will see many apps built over BTC that enable you to pay and purchase.

Ask a younger person how to put into cold storage. Very simple. Get a Trezor Get your coins. Take your coins off the exchange. This is quite possibly your future retirement and security.

Twaddle · « **Reply #3166 on:** May 14, 2020, 06:36:07 AM »

Quote from: gib on November 09, 2017, 06:51:00 PM

Right now is still primarily being driven by tech geeks and little people. The big money will be moving in by 2020 though. That era will likely take the market price to over usd 100K per coin.

Gibs,

When will we see the big money move in?

gib · « **Reply #3167 on:** May 14, 2020, 06:59:19 AM »

Quote from: Twaddle on May 14, 2020, 06:36:07 AM

Gibs,

When will we see the big money move in?

I would see many of "big money" are already in, but only with a very small % of their overall allocations. What I think will be the big mover is when the masses from emerging countries start buying in, as they acquire increased spending power. India. Latin America. Indonesia. Philippines. Africa. etc.

Teutonic Knight 1 · « **Reply #3168 on:** May 14, 2020, 03:30:23 PM »

Quote from: gib on May 14, 2020, 06:59:19 AM

I would see many of "big money" are already in, but only with a very small % of their overall allocations. What I think will be the big mover is when the masses from emerging countries start buying in, as they acquire increased spending power. India. Latin America. Indonesia. Philippines. Africa. etc.

Hey Wiggzy, can U name just 3 'emerging' Central American countries ........................ ........................ ..............

Still no names

Still no names (22/05/2020)

Mayday · « **Reply #3169 on:** May 15, 2020, 04:48:29 AM »

Quote from: gib on May 13, 2020, 10:58:10 PM

To younger person who thinks in BTC, its the USD that is fluctuating, not BTC. Reason being is that USD can be printed to infinity, whereas BTC is limited by mathematical certainty.

Gold also fluctuates in value second my second too by the way (indeed as so all currencies).

Over time we will see many apps built over BTC that enable you to pay and purchase.

Ask a younger person how to put into cold storage. Very simple. Get a Trezor Get your coins. Take your coins off the exchange. This is quite possibly your future retirement and security.

Nobody thinks in BTC.

It is BTC that fluctuates due to it's volatility as people enter and exit. I explained in this long ass thread somewhere the actual real dollar investment behind BTC was minuscule, hence it's volatility.

Best case it becomes the new age hedge (like gold). Investing in metals is a pain in the ass whereas crypto is a piece of piss. If you watch the metals market the biggest risk is speculators trying to crash the trading platforms buying metals they don't want delivery for (see the current oil crisis for what happens when it backfires). It's mental. Crypto solves that problem as you can't crash it.

5yr-10yr timeline for something big to happen and given the globe has a long term QE outlook, this is an actual legitimate chance for crypto to act as a hedge. FWIW i am already in for a 10yr hold.

gmflex · « **Reply #3170 on:** May 15, 2020, 05:35:06 AM »

A buddy sent me this..
He makes a living investing in different stuff...
His had a couple success where he doesn't have to work a 9 to 5 job..

I'm going to read thru it.. Anybody heard of this company?

https://www.vbitmining.com/how-vbit-mining-works/

gib · « **Reply #3171 on:** May 15, 2020, 07:18:15 AM »

Quote from: Mayday on May 15, 2020, 04:48:29 AM

Nobody thinks in BTC.

It is BTC that fluctuates due to it's volatility as people enter and exit. I explained in this long ass thread somewhere the actual real dollar investment behind BTC was minuscule, hence it's volatility.

Best case it becomes the new age hedge (like gold). Investing in metals is a pain in the ass whereas crypto is a piece of piss. If you watch the metals market the biggest risk is speculators trying to crash the trading platforms buying metals they don't want delivery for (see the current oil crisis for what happens when it backfires). It's mental. Crypto solves that problem as you can't crash it.

5yr-10yr timeline for something big to happen and given the globe has a long term QE outlook, this is an actual legitimate chance for crypto to act as a hedge. FWIW i am already in for a 10yr hold.

The amount of BTC is finite. The amount of dollars that can be printed is infinite.

As BTC market cap grows it should become less volatile (and obviously will increase in value due to its limited supply). Over time it could become increasingly like a black hole that absorbs exponentially more capital as it grows in size and gravitational force. The actual real dollar investment that goes into printing a bank note is almost zero. The actual real dollar investment that does into mining a bitcoin is substantial (due to combination of the algorithm and energy and mining equipment costs).

Agree on the hedge. It’s a potential huge hedge if certain worst case scenarios were to occur. Which is why I would advice every single person who is currently privileged enough in life to be able to afford to get a coin, to get one now.

pellius · « **Reply #3172 on:** May 15, 2020, 05:06:13 PM »

I was up $110 yesterday and now I'm down $275 today. Amazing how quickly BTC fluctuates.

Mayday · « **Reply #3173 on:** May 15, 2020, 09:40:13 PM »

Quote from: gib on May 15, 2020, 07:18:15 AM

The amount of BTC is finite. The amount of dollars that can be printed is infinite.

Currency printing is what causes asset growth. Printing devalues debt over time.

Currency printing is the offset to charging interest. Ever wondered why currency printing is linked.to interest rates? It's to insert new money into the pool as the money spent on interest ends up with the banks.

Having a fixed pool of money doesn't work because the charging of interest means all money in that fixed pool ends up with the banks. That is the downfall of crypto.

Crypto was invented as a fuck you to all the rich banks. A system for black market transactions. It was never meant to replace a country's monetary system. The only reason it's as big as it is is thanks.to Marketeers who pushed this message of a.new.global currency.

Humble Narcissist · « **Reply #3174 on:** May 16, 2020, 03:48:24 AM »

This brings up the question about our dollar currency. Isn't most currency digital? Most transactions we make eliminate the need for physical currency. If every American withdrew all of their money today from bank accounts, PayPal, investments, etc, would there even be enough currency to cover it? If not, is hyperinflation possible? Modern day finance is mostly an agreement to send my digits to someone else's account with no paper currency ever changing hands.