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

[gib]

Russia to Recognize Bitcoin as Property With Legal Protection



The Russian prime minister has outlined the government’s plans to amend existing laws to recognize cryptocurrency as property. This means bitcoin owners will have the legal rights to defend and recoup their cryptocurrencies in court.

During the government meeting on Thursday, Russian Prime Minister Mikhail Mishustin talked about Russia’s plans for cryptocurrency regulation alongside other initiatives to fight against the spread of the coronavirus pandemic.

After outlining several solutions the Russian government has come up with, Mishustin said, “Another solution concerns cryptocurrencies.” He added that “This is a relatively new tool, interest in which is constantly growing.”

The Russian prime minister continued: “The government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult.” In order to achieve this, Mishustin said, “Let’s make a number of changes to the tax code,” elaborating:

 Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.

Although there have been discussions among lawmakers to treat bitcoin as taxable property, it is not yet official. Different courts have, therefore, made their own decisions whether to recognize the cryptocurrency as property. In July, a Russian court denied a crypto owner the return of his cryptocurrencies, including bitcoin. The court judged that since bitcoin was not considered property under Russian law, its theft was not a crime. In December last year, the supreme court ruled that tokens were assets like money and property.

Russia will begin regulating cryptocurrency next year; President Vladimir Putin signed the crypto bill into law in August. However, Russian lawmakers are still trying to add to the bill.

In November, the Ministry of Finance developed new amendments to the crypto regulation, introducing new rules and penalties for unreported and underreported cryptocurrencies. Meanwhile, the Bank of Russia is seeking public comments on the central bank digital currency (CBDC), the digital ruble.

https://news.bitcoin.com/russia-recognize-bitcoin-property-legal-protection/

The reality is all Governments will take steps that help legitimize Bitcoin. And the reason for that is they have no choice but to do so. It's virtually impossible to stop humans making collective agreements on how they record a store of value among themselves. And in fact the lower the confidence in the Government, the higher the propensity to do this becomes.

The ponzi scheme that is fiat currency is being replaced by a decentralized currency with a mathematically finite supply. And it happening by the second right before our eyes as more and more people buy into the new system, creating a vortex that is growing in power where fake paper money is being exchanged for a global and decentralized store of wealth.

I have said it many times. For almost anyone in the US, we still have a chance to buy a piece of the future ahead of billions of other people. For those that don't it will be a huge regret in the years to come.

[gib]

We will see this trend continue. First High Net Worth Individuals. Then family offices and hedge funds. Then listed companies. Then investment banks. Then retail banks. Then pension funds. Then Governments and central banks. We as individuals have an amazing opportunity to front-run this trend...

https://www.coindesk.com/investment-giant-alliancebernstein-now-says-bitcoin-has-role-in-investors-portfolios

The research arm of New York-based AllianceBernstein, a global investment manager with $631 billion in assets under management, has had a change of heart when it comes to bitcoin as an investment asset.

In a research note produced for clients, the portfolio strategy team at Bernstein Research, said the firm had previously ruled out bitcoin (BTC, +6.03%) as an investment asset back in January of 2018, soon after bitcoin had hit its all-time high close to $20,000.

Ultimately, Bernstein Research recommends that bitcoin can comprise from 1.5% to 10% of portfolios, depending on the cryptocurrency’s monthly returns.

[Mayday]

You guys are getting sucked in.

What would it take to make you think about it differently?

It is ALL about predicting the process of the transformation of the global financial system. If you have NFI how the monetary system functions at it's bare roots, you won't see the transformation happening until it's almost all done because they are saving the aggregates from a fall.

I have outlined a wealth of information on here that you simply won't find anywhere else because so few understand it as i do. I pretty much never talk about crypto in the sense of what it is or what is going on with it in articles and so forth. Yet i talk non-stop about the money supply and the central banks because that is what is being transformed, everything else is a flow on effect.

Think i am wrong?

Go read the comments about people saying everything will collapse. Claiming all that matters is gold and ammo.....the current scenario is supposed to be the gold and ammo bugs dream! The collapse of the financial system...... all their life waiting for this moment and finally......finally...  they have been wrong about almost everything...... why? Because it doesn't work the way you think it does. When the digital currencies are released by central banks, those same people will be wrong yet again. Why? Because it doesn't work the way you think it does.

Look around. Stockmarket hit a record.....  both gold and silver have been pulling back the last 6 months..... fuel prices are falling...... interest rates are falling..... consumer inflation is fuck all (and both gold, silver, interest rates agree with that statement)..........all things i have said would happen on top of my estimation at the start of the pandemic that we would see up to 25% currency printing by year end which will be pretty fucking close as we might finish around 23%.  And still, people say i don't know anything lol.


I'm not a trader but even i commented that the recent pullback on BTC would have resistance at 16k and then ramp. It hit 16.6k and bounced back within days and has now set a new record of 19.6k. My track record is looking pretty fucking solid.

The market has decided BTC is king of the crypto market.

At the peak in 2017 there was 1,700 total cryptocurrencies for a market cap of $550B. The peak price of BTC was about 19.2k.

In 2020 there is over 7,000 total cryptocurrencies for a market cap of $570B. BTC is at 19.6k.....

All the energy is going into BTC. The alt coins are fucked. Don't bother unless you are trading the pump and dumps. XRP was $4 and now $0.80. Eth was $900 and now $600. Well below peaks.

We aren't talking about 7,000+ cryptos here. We have singled out one and it is performing. Look back at the end of 2021, end of 2023, end of 2030.

[gib]

It is ALL about predicting the process of the transformation of the global financial system. If you have NFI how the monetary system functions at it's bare roots, you won't see the transformation happening until it's almost all done because they are saving the aggregates from a fall.

Fully agree! The thing is there are many many people who are being hoodwinked, and who really don't understand how the modern financial system works. These people will all learn. However, as a consequence of their ignorance, simplemindedness or stubbornness, they will learn the hard way unfortunately.

[gib]

The market has decided BTC is king of the crypto market.

At the peak in 2017 there was 1,700 total cryptocurrencies for a market cap of $550B. The peak price of BTC was about 19.2k.

In 2020 there is over 7,000 total cryptocurrencies for a market cap of $570B. BTC is at 19.6k.....

All the energy is going into BTC. The alt coins are fucked. Don't bother unless you are trading the pump and dumps. XRP was $4 and now $0.80. Eth was $900 and now $600. Well below peaks.

We aren't talking about 7,000+ cryptos here. We have singled out one and it is performing. Look back at the end of 2021, end of 2023, end of 2030.

Fully agree. I have pointed out in the past the idiocy of people buying alts "because they are cheaper". A misconception I believe even Mr A advocated at one point. These alts are really more akin to scams in the way they were promoted. BTC is king, and the logical conclusion is that we will collectively agree on one digitately currency, which then provides an exponential gravitating effect.

[gib]

https://finance.yahoo.com/news/bitcoin-hits-new-all-time-high-driven-by-institutional-buying-153215272.html

New all time high hit this morning. 20K seems well in range.

[Methyl m1ke]

You said wait for btc to dip to 15-16k before buying anything. Also btc is not much higher now than it was a couple years ago? What makes you sure #1 the price will drop to 15-16k soon #2 that over the next 10 years it will be substantially higher than it is today? #3 what possible reasons are there that could limit its gain in value and why arent you concerned it could become worthless? Data please opinions are somewhat pointless. This thread sounds like a lengthy sales pitch already

[gib]

You said wait for btc to dip to 15-16k before buying anything. Also btc is not much higher now than it was a couple years ago? What makes you sure #1 the price will drop to 15-16k soon #2 that over the next 10 years it will be substantially higher than it is today? #3 what possible reasons are there that could limit its gain in value and why arent you concerned it could become worthless? Data please opinions are somewhat pointless. This thread sounds like a lengthy sales pitch already

I didn't say to wait to 15-16K drop before buying. That was MayDay I think. (But yes such a dip, and indeed even lower, could well happen. But it also possible that prices will never hit that level again.

What I said simply is if you don't own any, then BUY NOW. And then HODL. Simple as that. That is all you need to do to place an extremely valuable hedge on the future.

Short term movements are very hard to predict (and I am not much of a "technical analyst"). But long term its a zero sum game. Either there is massive upside ahead, as in life changing and status changing between the haves and have nots of Bitcoin, or it goes to zero. That is also why you don't want to bet the house on BTC, but you most definitely want to make sure you have some exposure.

[Methyl m1ke]

I didn't say to wait to 15-16K drop before buying. That was MayDay I think. (But yes such a dip, and indeed even lower, could well happen. But it also possible that prices will never hit that level again.

What I said simply is if you don't own any, then BUY NOW. And then HODL. Simple as that. That is all you need to do to place an extremely valuable hedge on the future.

Short term movements are very hard to predict (and I am not much of a "technical analyst"). But long term its a zero sum game. Either there is massive upside ahead, as in life changing and status changing between the haves and have nots of Bitcoin, or it goes to zero. That is also why you don't want to bet the house on BTC, but you most definitely want to make sure you have some exposure.

Well that least makes sense thanks.

[gib]

Very welcome Methyl.

[Griffith]

Cryptocurrencies were intended to create economic freedom and anonymity but if it has served as an inspiration for national digital currencies it will have contributed to the government having total control and oversight over everyone's finances.

[Humble Narcissist]

What would it take to make you think about it differently?

It is ALL about predicting the process of the transformation of the global financial system. If you have NFI how the monetary system functions at it's bare roots, you won't see the transformation happening until it's almost all done because they are saving the aggregates from a fall.

I have outlined a wealth of information on here that you simply won't find anywhere else because so few understand it as i do. I pretty much never talk about crypto in the sense of what it is or what is going on with it in articles and so forth. Yet i talk non-stop about the money supply and the central banks because that is what is being transformed, everything else is a flow on effect.

Think i am wrong?

Go read the comments about people saying everything will collapse. Claiming all that matters is gold and ammo.....the current scenario is supposed to be the gold and ammo bugs dream! The collapse of the financial system...... all their life waiting for this moment and finally......finally...  they have been wrong about almost everything...... why? Because it doesn't work the way you think it does. When the digital currencies are released by central banks, those same people will be wrong yet again. Why? Because it doesn't work the way you think it does.

Look around. Stockmarket hit a record.....  both gold and silver have been pulling back the last 6 months..... fuel prices are falling...... interest rates are falling..... consumer inflation is fuck all (and both gold, silver, interest rates agree with that statement)..........all things i have said would happen on top of my estimation at the start of the pandemic that we would see up to 25% currency printing by year end which will be pretty fucking close as we might finish around 23%.  And still, people say i don't know anything lol.


I'm not a trader but even i commented that the recent pullback on BTC would have resistance at 16k and then ramp. It hit 16.6k and bounced back within days and has now set a new record of 19.6k. My track record is looking pretty fucking solid.

The market has decided BTC is king of the crypto market.

At the peak in 2017 there was 1,700 total cryptocurrencies for a market cap of $550B. The peak price of BTC was about 19.2k.

In 2020 there is over 7,000 total cryptocurrencies for a market cap of $570B. BTC is at 19.6k.....

All the energy is going into BTC. The alt coins are fucked. Don't bother unless you are trading the pump and dumps. XRP was $4 and now $0.80. Eth was $900 and now $600. Well below peaks.

We aren't talking about 7,000+ cryptos here. We have singled out one and it is performing. Look back at the end of 2021, end of 2023, end of 2030.

Good luck to you.

[epic is back]

Cryptocurrencies were intended to create economic freedom and anonymity but if it has served as an inspiration for national digital currencies it will have contributed to the government having total control and oversight over everyone's finances.

oh you did it

you made the association

im shorting btc

[Mayday]

You said wait for btc to dip to 15-16k before buying anything. Also btc is not much higher now than it was a couple years ago? What makes you sure #1 the price will drop to 15-16k soon #2 that over the next 10 years it will be substantially higher than it is today? #3 what possible reasons are there that could limit its gain in value and why arent you concerned it could become worthless? Data please opinions are somewhat pointless. This thread sounds like a lengthy sales pitch already

Hi Mike, what i said was there would be a pullback in BTC to 2 different resistance levels --> 16k and 13k. We just saw BTC hit a high, pullback to 16.6k, then a high, then last night a pullback to 18k and now it's back to 18.9k as i type this trying to go to a new high. It'll probably fail, pullback to 16k and if that doesn't hold it'll head down to 13k. After that, it'll start another run.

1) BTC is not higher than 2017 --> Correct. Primarily in 2017 the global financial system was working. Many countries banned crypto and crypto exchanges.  In 2020 the global financial system is no longer functioning as previous decades. We have a shutdown due to a global pandemic. The last 3yrs crypto has become regulated to make it a more legitimate digital asset.  The state of the union is virtually the opposite of 2017.

2) What makes me sure of the price drop and resistance points? --> Charts. The first drop proved correct as it tapped 16.6k and bounced.

3) Over the next 10 years will it be substantially higher than it is today?  --> In a nutshell, it's a calculated guess based on actions taken from central banks in the monetary system along with the fact they shutdown the entire globe which has never been done before. I know for certain what the bailouts will look like (trillions of QE and in addition basal income is coming for us plebs). See point 1 and in addition, in this environment banks will look for a class that will ultimately hedge against every single injection of money. Metals are mined and consumed, they are not fixed. We are in 2020, not 1970. This is my educated guess.

4) What could limit it's value and why aren't i worried it could become worthless --> Total banning would limit it's value and drive it to zero. I am not worried as that outcome arose in 2017 and only certain countries banned it. Those that allowed it, regulated it thereby making it legitimate. Larger institutions have reverse their 2017 comments and now say in 2020 it's legit but still very young.

I don't share my own reports because the data isn't the problem.


Ultimately it's a guess with risk and return. Each person decides what that risk and return is to them. Through my eyes it's very low risk, great return.

[Griffith]

Bitcoin will probably eventually be shut down due to 'security reasons' or something similar tying it to criminal activity. Exchanging Bitcoin into cash or transferring the funds into a bank account could be prohibited as well as any use or trading of the crytpocurrency.

If a real digital currency or Fed coin is created, they probably won't want competition or funds they are unable to track or tax.

[Humble Narcissist]

Bitcoin will probably eventually be shut down due to 'security reasons' or something similar tying it to criminal activity. Exchanging Bitcoin into cash or transferring the funds into a bank account could be prohibited as well as any use or trading of the crytpocurrency.

If a real digital currency or Fed coin is created, they probably won't want competition or funds they are unable to track or tax.

Yes, this is why I would never have a lot of it.  Way too much chance of losing it all.

[FitnessFrenzy]

[gib]

Bitcoin will probably eventually be shut down due to 'security reasons' or something similar tying it to criminal activity. Exchanging Bitcoin into cash or transferring the funds into a bank account could be prohibited as well as any use or trading of the crytpocurrency.

If a real digital currency or Fed coin is created, they probably won't want competition or funds they are unable to track or tax.

What an incredibly stupid, ignorant, and naive statement. Did you not read above the comments which explain how a "Fed Coin" will actually drive demand for Bitcoin?

The First Amendment of our Constitution states Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press. Bitcoin is essentially the combination of free speech, computer code, and a mathematical algorithm, the combination of which cannot be "banned". You are correct that banks may be (and indeed already are) required to comply with a range of anti-money laundering and KYC regulations. This only enhances the demand of Bitcoin (not reduces it), and the introduction of any Fed coin will only further enhance Bitcoin's use propositions.
 

[gib]

https://www.bloomberg.com/news/articles/2020-12-02/paypal-ceo-says-digital-currencies-are-set-to-go-mainstream?

[Griffith]

What an incredibly stupid, ignorant, and naive statement. Did you not read above the comments which explain how a "Fed Coin" will actually drive demand for Bitcoin?

The First Amendment of our Constitution states Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press. Bitcoin is essentially the combination of free speech, computer code, and a mathematical algorithm, the combination of which cannot be "banned". You are correct that banks may be (and indeed already are) required to comply with a range of anti-money laundering and KYC regulations. This only enhances the demand of Bitcoin (not reduces it), and the introduction of any Fed coin will only further enhance Bitcoin's use propositions.

Keep telling yourself that if it makes you feel better and keep ‘trusting’ in your government to protect you.

‘They will never do something like that’ lmao

If there’s a Fedcoin, Bitcoin will be shut down as it will defeat the objectives of a Fedcoin. Any bans or shutdowns can obviously also be achieved by indirect methods.

Try not to shit your pants and keep trusting in your government and others globally which want to protect you and allow untraceable, untaxed investments and money, and an easier way to pay for criminal activities 

[Mayday]

Keep telling yourself that if it makes you feel better and keep ‘trusting’ in your government to protect you.

‘They will never do something like that’ lmao

If there’s a Fedcoin, Bitcoin will be shut down as it will defeat the objectives of a Fedcoin. Any bans or shutdowns can obviously also be achieved by indirect methods.

Try not to shit your pants and keep trusting in your government and others globally which wants to protect you and allow untraceable, untaxed investments and money and an easier way to pay for criminal activities 

Exchanges report user trades as part of being regulated. It is taxable and traceable just like any other exchange. That has been part of the reform post 2017.

The US digital coin is an extension of the existing system but used to bypass the govt and be controlled by the central bank in order to provide QE to the population. It is part of an expansionary monetary system. Bitcoin is a fixed system. Bitcoin isn’t going to be a competing currency because it isn’t a currency, it is a hedge. The threat isn’t to the US currency, it is a thread to gold and other hedges because it can draw capital away from those markets. Some may not be overly happy about that.

[Zillotch]

the existing system

will b nate robinsoned... there will b a single world system with a single world currency.

[obsidian]

Fully agree. I have pointed out in the past the idiocy of people buying alts "because they are cheaper". A misconception I believe even Mr A advocated at one point. These alts are really more akin to scams in the way they were promoted. BTC is king, and the logical conclusion is that we will collectively agree on one digitately currency, which then provides an exponential gravitating effect.

You are forgetting one thing. Ethereum is now moving to Proof of Stake. Coinbase will be supporting staking of Ethereum. When you stake ETH you get paid back ETH in interest. It is like a savings account that offers decent interest rates. This many believe will drive up the price of ETH because people will have an incentive to hold on to their ETH.

Bitcoin is not the only player in town. It has first mover advantage but it would be naive to think it alone will remain and increase in value. There are way too many people who have a stake in other currencies.

I plan on converting some of my ETH to BTC when I am happy with the ratio. The current ratio favors Bitcoin but that might change. The key thing is to have patience and play the game long. If I am going to stake my ETH it may be locked in for years. I'd rather lose all my investments in crypto than sell early and see it go to the moon. That's a decision I have made for myself. I am willing to lose it all.

There are some benefits of proof-of-stake.

    Less energy and monetary cost: for Bitcoin mining, miners need to spend around $50,000 per hour for electricity which means $1.2 million per day or $36 million per month. With proof-of-stake, you can cut all these costs out.
    No need for special equipment: since you cut out all mining costs, there is no need for better equipment or ASICs (application-specific integrated circuit).
    Stop 51% attacks: a 51% attack happens when a group of miners control over 50% of a blockchain’s hashing power, and use this power to mess with the blockchain. Proof-of-stake contributes 51% instead of this hypothetical group of miners, protecting the blockchain.
    Avoid bad validators: every validator who has their own funds locked up in the blockchain would make sure that they are not adding any wrong blocks to the chain because that would mean their entire stake invested would be taken away from them.
    Faster validation: all new blocks  created by a validator will be validated faster.
    Scalability: splitting the entire Ethereum network into multiple portions called ‘shards’. Each shard would contain its own independent state, meaning a unique set of account balances and smart contracts.

Even if the rules of proof-of-stake seem simplistic to implement, what differentiates Casper from the rest is that it incentivizes the honest miners and punishes the dishonest ones. If you have your stake on a malicious block, then your stake will be gone  forever. It will punish anyone who doesn’t play by the rules.

https://support.bitkub.com/hc/en-us/articles/360030574932-What-are-the-advantages-of-Proof-Of-Stake-

[Mayday]

will b nate robinsoned... there will b a single world system with a single world currency.

Ok. When.

I know what that scenario requires so I’d be keen to hear when you think that is going to happen.

[Mayday]

Bitcoin is not the only player in town. It has first mover advantage but it would be naive to think it alone will remain and increase in value. There are way too many people who have a stake in other currencies.

I plan on converting some of my ETH to BTC when I am happy with the ratio. The current ratio favors Bitcoin but that might change. The key thing is to have patience and play the game long. If I am going to stake my ETH it may be locked in for years. I'd rather lose all my investments in crypto than sell early and see it go to the moon. That's a decision I have made for myself. I am willing to lose it all.

I’ll chime in here as I made a comment along these lines.

Pretend you have a time machine. Go back to 2017 during the mad hype rush. Ok, make the statement you just made above back in 2017. Now, jump in your time machine to today and look at the market. What do you think the time machine version of you would say about that statement?