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

[gib]

You either have OCD, ADD or are just plain retarded.   

Blips did collapse you myopic fuck tard... just like I predicted... $20K to 3K IS a collapse.  All the absurd lies you were telling about it from the beginning; it's money, not taxable, private, decentralized, going to $100-$250K, etc.  lol
 
The stock market is totally being propped up by the Fed's funny money machine.  TRILLIONS of dollars created from nothing, then injected into it.  It's all fake and it WILL ultimately collapse, but in the meantime I'll continue to extract money from it on a daily basis.  The profits one can earn trading derivatives (what I do) makes your precious blipcon gains look like nothing.  Those 1000-5000% profit days are long gone.  Go eat your dick with McAfee.

So just as I thought, you won’t make a prediction. So, unless you dispute it, let’s put you down for saying BTC will not go above 10K this time, fair enough? (If not, speak up or I will hold you to this, and add that to the list of repeatedly higher and higher prices you predicted were the peak, which each time were surpassed).

You were calling BTC a bubble when it was $401. It’s now over $8000. More than a 2000% increase since your first recorded view on the value of BTC. Everything I have said about BTC is correct. People can read the full explanations I gave you on each of the many “objections” you raised as to the validity of BTC (although at some point I might prepare a summary of the key pearls of wisdom for easy reading). At a very basic level it is increasingly functioning as digital gold. Only with far more appeal to a newer tech savvy generation who overtime will inherit increasing amounts of the world’s wealth.

Your explanation as to why you were wrong about the stock market (repeatedly, each year for nearly a DECADE!) certainly is a partial explanation why the market has kept going up in nominal terms. The irony here of course being how you fail to see exactly how (and why) this phenomenon makes the case for BTC.

One can make big profits (and losses) trading derivatives, that is for sure. And on that note, if you have been shorting stocks on the basis they were going to fall for each of the years you said they would, you must have made big losses. (The lesson you learned there was “don’t fight the Fed”).

[gib]

Yes, investments and any earnings from bitcoin have to be declared in tax returns.

Not quite correct. It depends what country you are in. In numerous countries, no capital gains tax or income tax is charged on any increase in value of BTC.

[gib]

Yes, but 50-60 pages ago Gibberish was claiming he didn't have to pay taxes on his blipcoin gains.   Blips are taxed at the highest tax rate too.  Derivatives/futures/options are only taxed at 22-25%.

You are wrong about taxes. I explained to you at the time (and will do it again) it depends on which country you are based in. Further, even in the US the tax man would first need to know that you even own BTC. BTC can be acquired anonymously via a direct peer to peer transaction. So only visible to tax man if you are trading via a regulated US exchange.

Let me give you just a few examples to help open your mind:

https://nomoretax.eu/bitcoin-tax-haven-germany/

https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free

https://www.forbes.com/sites/rogerhuang/2019/06/24/seven-countries-where-cryptocurrency-investments-are-not-taxed/#457a57457303

Etc etc. Your lesson here it to stop making statements that may apply to specific situations, and then try to tell people they apply in all cases.

I have also explained how BTC can be entirely anonymously traded. I think at a high level, you may be confusing the technical functionality of BTC, with the fact that a transaction may (or may not) be linked with personally identifying information. At a very simple level, imagine you give me cash. I transfer you BTC. That transaction is recorded on the ledger, but the ledger does not know either who you or me are. All it records and confirms are that blips have been transferred.

One very simple to read article here (as some people are genuinely confused over this concept).

https://coinsutra.com/anonymous-bitcoin-transactions/

The purpose of me explaining this is not just to again show how your have self-owned yourself, but a genuine attempt to educate you (and of course ensure that you don't mislead others with your false statements).

[gib]

It all came crumbling down once people realized that one of the largest holders of Bitcoin is the US government and that exchanges like Coinbase were going to carry out KYC.

Yes, Bitcoin is confiscated on a daily basis. Yes, Bitcoin is not anonymous. Yes, Bitcoin is decentralized, but then again, who the fuck cares if the database is decentralized if no one uses it?

Even the encryption protocols are going to be turned to shit once someone finishes a customized quantum computer (which is around the corner by the way).

Not correct US Govt is biggest holder. Please state your evidence for making this claim. Even if it was true (which its not) it makes no difference as BTC is controlled by its algorithm (and not the Government). Also the irony here is that the USD, (which I presume you do put faith) in is indeed controlled by the US government (which is indeed why so many people are losing faith in the USD!). 😂

You don’t need to trade BTC via an exchange, so you can keep your transactions anonymous if you wish. And unlike a bank you also don’t need to (and indeed should not) keep your BTC on an exchange (other then for short periods of time). Having said that, the irony or your objection is of course that most legitimate asset classes and financial instruments are regulated. This opens the way up for banks and financial institutions to legitimately trade and invest in BTC, which is of course what we now see happening.

BTC can be held and traded anonymously or via an exchange. Both options exist. I have explained that many times. It’s misleading (and false)  to make a broad statement that BTC “is not anonymous” or “will be taxed”‘etc.

As for being confiscated, yes of course if people are using it for illegal activities it could be seized by force if your private keys were obtained or if your coin was on an exchange or with a bank over which law enforcement had jurisdiction. It is also impossible to seize, if you refuse to hand over your keys. Some major criminals simply claim they have "forgotten" their keys when they are arrested or convicted. In such cases, its impossible for their BTC to be seized by authorities. Whey they get out, they fly of to (Malta, Spain, Prague - pick your retirement country of choice), and with a blip-pity blip (few clicks on a keyboard or phone) they have access to their illegitimate gains.

[pellius]

Well, I'm no expert but all I know is that after purchasing a couple of thousands of BTC to get a feel of the market it initially went up about $200 for the first five days but since the halving, it's just been steadily going down, now below $9,000 and I have a total loss of over $500.

[SOMEPARTS]

Not correct US Govt is biggest holder. Please state your evidence for making this claim.

State your evidence otherwise, sounds like the know the demographics of the HODLers. In order to ETF they made a huge buy in...maybe not technically the govt but the lines are blurred when it comes to say Goldman/Fed/Govt/Wall Street etc.


BTC can be held and traded anonymously or via an exchange. Both options exist. I have explained that many times. It’s misleading (and false)  to make a broad statement that BTC “is not anonymous” or “will be taxed”‘etc.

If you want to be a criminal, sure...tax law is already in place. There is nothing anonymous about a ledger when they start a little forensic accounting. It's not like everyone accepts this for payment...you buy a car, a boat, a plane ticket...exchange into regular currentcy...all easily tracked or found with probably cause warrant.


As for being confiscated, yes of course if people are using it for illegal activities it could be seized by force

If you hold millions of value in anything you can be flipped. How fast do those lost codes come out when you are dangling off the roof of a hotel? Getting access is not the same as keeping the gains anymore than a tax evasion scenario is locking in misbegotten gain. If enough value is involved it's no different than any other store of value, BTC is no rulebreaker as it was promoted to be.

[gib]

Pellius - buying BTC and holding for a few weeks won’t do anything to help you “understand the market”. However the biggest benefit in you buying (part from actually owning it per se) is that you are understanding more about BTC as an asset class.

BTC is volatile. But don’t make the mistake that Mr Anabolic has made and confuse short term volatility with long term value. BTC is arguably a zero sum game. It either slowly declines to almost nothing, or it has massive upside. That upside will be far from a straight line. There will be bumps along the way and also periods of irrational euphoria and fear. For this reason, among others it’s worth owning some. Again store it safety and don’t be affected by short term movements.

[SOMEPARTS]

My last post was ignored, let's see a response this time. 

[gib]

Not much to say here (and funnily enough, and right on point, your quote just registers as a blank by GetBig).

Again there is no evidence the US Government "is one of the largest holders of Bitcoin". However we can be sure that many powerful people, and Governments are increasing their holdings. BTC is free to be purchased and used by anyone - this is its biggest strength.

Of course not everyone will accept payment in BTC. I have never claimed this, so not sure the point you are trying to make (which is rather obvious). If someone does not want to accept BTC for payment (or gold or silver, or a painting etc) you can simply convert that asset into something they might want to accept. Like cash, for example. And then you pay them with the medium of exchange that they are willing to accept. I have explained above how a BTC transaction can be entirely anonymous. Please read above posts. At a very simplistic level, BTC transactions are not linked to a person or identity. Public addresses are used for transactions- alphanumeric strings publically recorded on the blockchain. Its up to you if you do things to connect those anonymous blips to personally identifying information. Eg one obvious way to do this, might be to buy via an exchange with KYC requirements. If you did that, then of course your ownership could be traced (provided of course the personally identifying information you provided was truthful and accurate).  I didn't realize how many people genuinely confuse these concepts, but it seems many do.

Yes, violence can be used to extort a code out of someone. Just as it can be done to steal any physical asset, or to gain access to a person's bank account. Again, you are stating a very obvious point here, and I am not sure what the actual point is that you are trying to make.  I would say  though that its is far easier to steal most physical items, or assets held by a regulated 3rd party, than it is to literally gain access to a key in someone's head. (I was watching Breaking Bad a while ago, and had to laugh at those clowns hauling around drums of money from place to place and burying money in the desert etc. Would have been so much easier to reduce all to a BTC blip. Jessey would now be on a tropical island drinking pina coladas and enjoying some of the local hospitality with not a care in the world) ... .

[pellius]

Pellius - buying BTC and holding for a few weeks won’t do anything to help you “understand the market”. However the biggest benefit in you buying (part from actually owning it per se) is that you are understanding more about BTC as an asset class.

BTC is volatile. But don’t make the mistake that Mr Anabolic has made and confuse short term volatility with long term value. BTC is arguably a zero sum game. It either slowly declines to almost nothing, or it has massive upside. That upside will be far from a straight line. There will be bumps along the way and also periods of irrational euphoria and fear. For this reason, among others it’s worth owning some. Again store it safety and don’t be affected by short term movements.

Again, I'm no expert, but I did study econ in college. As the halving increased he cost to miner you will have less mining and/or miners. It seems that mining is very expensive and has to a least equal the cost of one BTC just to break even. So, as I understand it, if BTC is currently at $9,000 a miner has to make over that to mine one BTC or he loses money.

As the cost of mining a BTC goes up it will decrease the supply which is supposed to increase its value. But it also seems that this increases the transaction costs. The cost of buying and selling BTC. As cost goes up you have less of it. So fewer people are buying BTC as the transaction cost goes up so the demand falls.

This is what seems to be happening as I see BTC dropping every minute.

Of course, I'm stuck. I'm not going to bail when the value of my BTC continues to drop. I have to stick it out in hopes that I can at least get back to where I started but I certainly won't be buying anymore BTC when it's value will drop 5 seconds after I make the purchase. Of course, if it starts to rise and I see it's now in an upward trend I may reconsider. But right now I'm locked in unless I just want to get out and eat the loss and explain to my Parmakia why we don't need a new washer and dryer which the $500 I loss would have helped pay
for. (Our washer/dryer is just fine and works perfectly but she saw one at Costco "that would look so great".)

[gib]

Again, I'm no expert, but I did study econ in college. As the halving increased he cost to miner you will have less mining and/or miners. It seems that mining is very expensive and has to a least equal the cost of one BTC just to break even. So, as I understand it, if BTC is currently at $9,000 a miner has to make over that to mine one BTC or he loses money.

As the cost of mining a BTC goes up it will decrease the supply which is supposed to increase its value. But it also seems that this increases the transaction costs. The cost of buying and selling BTC. As cost goes up you have less of it. So fewer people are buying BTC as the transaction cost goes up so the demand falls.

This is what seems to be happening as I see BTC dropping every minute.

Of course, I'm stuck. I'm not going to bail when the value of my BTC continues to drop. I have to stick it out in hopes that I can at least get back to where I started but I certainly won't be buying anymore BTC when it's value will drop 5 seconds after I make the purchase. Of course, if it starts to rise and I see it's now in an upward trend I may reconsider. But right now I'm locked in unless I just want to get out and eat the loss and explain to my Parmakia why we don't need a new washer and dryer which the $500 I loss would have helped pay
for. (Our washer/dryer is just fine and works perfectly but she saw one at Costco "that would look so great".)

Transaction cost is around $1 per transaction. Quite affordable for most getbiggers for a one off purchase or sale. Of course for day to day transactions in BTC this will be done via networks that are built on top of BTC, and which will be super fast and at almost zero margin (with the balance in BTC being reconciled from time to time by the transaction service provider). Google the Lighting Network.

The main thing you need to know is that BTC is limited in supply by its algorithm and that creating new coins becomes increasingly difficult over time.

[Twaddle]

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, there is only 6 months left in 2020.  Do you still believe the Bitcoin will be over 100K, in 2020?   

[pellius]

Transaction cost is around $1 per transaction. Quite affordable for most getbiggers for a one off purchase or sale. Of course for day to day transactions in BTC this will be done via networks that are built on top of BTC, and which will be super fast and at almost zero margin (with the balance in BTC being reconciled from time to time by the transaction service provider). Google the Lighting Network.

The main thing you need to know is that BTC is limited in supply by its algorithm and that creating new coins becomes increasingly difficult over time.

No way, when I cash out/sold $500 of my bitcoins there was like $6.35 transfer fee.

[gib]

That’s because you sold it on an exchange. The exchange will take a commission (just like a bank does on an FX transaction or like a broker does on a stock trade).

[Teutonic Knight 1]

 Some major criminals simply claim they have "forgotten" their keys when they are arrested or convicted. In such cases, its impossible for their BTC to be seized by authorities. Whey they get out, they fly of to (Malta, Spain, Prague - pick your retirement country of choice), and with a blip-pity blip (few clicks on a keyboard or phone) they have access to their illegitimate gains.

Stupid FUCK, you obviously never travel !. Crooks get busted at the EC points of entry & get booted back to the States !.

Name those 'major criminals' who retired in Czech Republic or Australia in the last 5 years !.

[Teutonic Knight 1]

My last post was ignored, let's see a response this time. 

& still no names of 'emerging' Central American & African countries ...................

[Griffith]

& still no names of 'emerging' Central American & African countries ...................

 

[a_pupil]

Stupid FUCK, you obviously never travel !. Crooks get busted at the EC points of entry & get booted back to the States !.

Name those 'major criminals' who retired in Czech Republic or Australia in the last 5 years !.

If only bitcoin existed back when vince basille had to flee canada

[Griffith]

Many online stores have stopped accepting bitcoin as a payment option.

[gib]

Many online stores have stopped accepting bitcoin as a payment option.

And many have stopped (or never even started) accepting gold coins as payment. BTC is primarily an underlying store of value and a hedge against the decline of the USD (which of course is far easier to store, divide, transfer, hide, send internationally etc vs physical gold). There are networks built over BTC that will allow you to pay in “cash” but again just like gold you should typically keep longer term as a store of value, converting into cash or any food or service exchanged for as needed or requested by the seller.

See: https://cointelegraph.com/lightning-network-101/what-is-lightning-network-and-how-it-works

[gib]

& still no names of 'emerging' Central American & African countries ...................

I normally ignore questions of an idiotic nature but I’ll answer this one. Despite perceptions, Africa is really the last frontier of growth. This is due to both population dynamics and natural resources.

We will see continued rising household consumption, predicted to reach $2.5 trillion by 2030. Seven countries, Nigeria, Ethiopia, the Democratic Republic of Congo, Egypt, Tanzania, Kenya, and South Africa, will soon hold half of the continent’s population, and 43% of Africans across the continent will belong to the middle or upper classes.

Given rampant corruption, lack of a unified currency, mistrust of banks, historical issues of hyperinflation and money printing, and a host of other factors, we will see massive demand for BTC from this region (and not just from Nigerian scammers).

Again just like with Covid I have sources on the ground. So trust me when I tell you. There is huge potential in Africa.

Whiggs I am sure would agree.

[Twaddle]

I normally ignore questions of an idiotic nature but I’ll answer this one. Despite perceptions, Africa is really the last frontier of growth. This is due to both population dynamics and natural resources.

We will see continued rising household consumption, predicted to reach $2.5 trillion by 2030. Seven countries, Nigeria, Ethiopia, the Democratic Republic of Congo, Egypt, Tanzania, Kenya, and South Africa, will soon hold half of the continent’s population, and 43% of Africans across the continent will belong to the middle or upper classes.

Given rampant corruption, lack of a unified currency, mistrust of banks, historical issues of hyperinflation and money printing, and a host of other factors, we will see massive demand for BTC from this region (and not just from Nigerian scammers).

Again just like with Covid I have sources on the ground. So trust me when I tell you. There is huge potential in Africa.

Whiggs I am sure would agree.

[Mr Anabolic]

There's clearly something wrong.  He'll do/say anything to try and validate himself, but it doesn't matter that his predictions have been dead wrong and everything he's claimed here is dead wrong, total bullshit (the Africa nonsense above) and outright lies.  Textbook sociopath.   

[gib]

Everything I had said is correct. I have defeated all your concerns about the validity of BTC. Every time you have called BTC  a bubble it has gone higher. It’s almost double in value to what it was when I started this thread. You have refused to state what you think will be the highest BTC go (but agree implicitly that it won’t go higher than 10K again).

Calling people names etc won’t change the facts. I suspect you secretly own bitcoin. Despite being very stubborn and acting like an elderly man, you are too smart not to own some. And so in fact you will be thanking me when BTC hits 100k. And damn you know I’m going to be rubbing your face it it when BTC crosses 10K and then 100K.

Never forget. BTC started at $0.003.

Then  $0.01

Then  $0.1

Then  $1

Then $10

Then $100

Then $1000

What is next in this pattern ...

[Humble Narcissist]

Everything I had said is correct. I have defeated all your concerns about the validity of BTC. Every time you have called BTC  a bubble it has gone higher. It’s almost double in value to what it was when I started this thread. You have refused to state what you think will be the highest BTC go (but agree implicitly that it won’t go higher than 10K again).

Calling people names etc won’t change the facts. I suspect you secretly own bitcoin. Despite being very stubborn and acting like an elderly man, you are too smart not to own some. And so in fact you will be thanking me when BTC hits 100k. And damn you know I’m going to be rubbing your face it it when BTC crosses 10K and then 100K.

Never forget. BTC started at $0.003.

Then  $0.01

Then  $0.1

Then  $1

Then $10

Then $100

Then $1000

What is next in this pattern ...

Probably back down to $1.