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

[Griffith]

Seems to me btc is being inflated to attract investors and then pull the rug out from under them. Btc is easentially air its only value is purely speculative. Gold on the other hand has been valuable forever. You cannot do much with it but at least you actually own some gold. With btc what do you posses? Nothing thats only worth something for the moment.

And of course gold is also used in electronics, computers and aerospace. The only substitutes are other precious metal such as palladium and platinum.

[Zillotch]

if u told me, at the beginning of this thread - that gold would soon b worthless... I would have asked u to pass the joint.

but it will be.

[FitnessFrenzy]

North Korea buying. And china buying big time.

So that is a stamp of approval?

[polychronopolous]

‘Nobody’s going to ban bitcoin’: US official

Watchdog chief says the leading crypto's smooth integration into the financial system is a top priority

“Killing” bitcoin is not on the US government’s agenda, assures a senior official.

Brian Brooks, head of the Office of the Comptroller of the Currency, the bureau of the Treasury Department that supervises federal banks, said regulators merely wish to ensure that the leading crypto’s integration into the financial system happens smoothly.

In an interview with CNBC’s Squawk Box on Friday, Brooks explained:  “We’re very focused on getting this right. We are very focused on not killing this, and it is equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
YouTube Poster

Brooks was responding to a question about whether the Trump administration was planning to implement draconian crypto regulations before President-elect Joe Biden takes office in January. Coinbase CEO Brian Armstrong put the spotlight on the issue last month in a series of tweets explaining why banning self-hosted crypto wallets would have a negative impact, sparking fears of an impending regulatory crackdown.

However, Brooks, whose recent appointment by Trump has been criticized by Democrats, who believe he will be too soft on Wall Street banks, assured, “I think you’re going to see a lot of good news for crypto by the end of the Trump term. Some of it is going to have to do with banks connecting to blockchains, some of it is going to be more clarity around the nature of these assets.”

https://asiatimes.com/2020/12/nobodys-going-to-ban-bitcoin-us-official/

[FitnessFrenzy]

[Zillotch]

that sniper shot, tho

[Zillotch]

gold, real estate... hopes and dreams... all of it – gone.

[Mayday]

Seems to me btc is being inflated to attract investors and then pull the rug out from under them.

Probably the most rational argument I have read here.

For BtC to ramp over 20k requires more large players. The latest ramp was largely a result of PayPal.

So the lure is really there for whales to jump in, not so much for plebs to take action because our inputs are so small it doesn’t result to much in the grand scheme of things. Eg gold is priced where it is and stable due to the mega wealthy, not average Joe.

When you have JPM making noises, it’s to lure other institutions to jump in, not a signal that they are about to do it themselves.

So the question becomes why would mega wealth jump in? Their answer would probably be what you said.  If that group capitulates slowly one by one, you form a consensus and that’s where the belief system in BTC being a hedge becomes a reality.

[pellius]

Probably the most rational argument I have read here.

For BtC to ramp over 20k requires more large players. The latest ramp was largely a result of PayPal.

So the lure is really there for whales to jump in, not so much for plebs to take action because our inputs are so small it doesn’t result to much in the grand scheme of things. Eg gold is priced where it is and stable due to the mega wealthy, not average Joe.

When you have JPM making noises, it’s to lure other institutions to jump in, not a signal that they are about to do it themselves.

So the question becomes why would mega wealth jump in? Their answer would probably be what you said.  If that group capitulates slowly one by one, you form a consensus and that’s where the belief system in BTC being a hedge becomes a reality.

Really? So what does it mean to "pull the rug" from under them. Investors jump in and the price goes up and then, what? Somebody (who?) decides that the price has gone up high enough and it's time to "pull the rug." So what does that mean? How is it done?
Who does this? Where does all the money "pulled" go?

[Mayday]

Really? So what does it mean to "pull the rug" from under them. Investors jump in and the price goes up and then, what? Somebody (who?) decides that the price has gone up high enough and it's time to "pull the rug." So what does that mean? How is it done?
Who does this? Where does all the money "pulled" go?

My opinion is the last bit of my post. They will end up forming a consensus and making it a proper hedge.

To answer your question is to pull the rug meaning the major holders lure in others in order to bail themselves out and leave the new comers holding the bag.

Who decides? The major holders will make their own decision and those left make their decision after that and so on. No different to the share market.
How? They sell on an exchange the same way they bought.
Where does the money go? To whatever they want to invest in.

BTC isn’t established as a real anything yet but it also hasn’t gone away. The fact it came back is what pulled me in which would be the same thing that is happening to others who have changed their tune.

[Army of One]

.

BTC isn’t established as a real anything yet but it also hasn’t gone away. The fact it came back is what pulled me in which would be the same thing that is happening to others who have changed their tune.

This.I was convinced it would never survive after the 2017-2018 dump.The fact that now 3 years later its back at its old ath and institutions are wanting more than is currently being mined, and seriously looking at it as a replacement for gold.

[gib]

Mr Anabolic's favorite twins...

[gib]

They address some of the many of Mr A's objections. Bitcoin is not secure, it can be stolen from an exchange, gold has a practical application therefore is better, a FedCoin will displace BTC, etc, etc.

Their price forecast is $500,000 per coin by 2030, and "possibly as even within the next 5 years".

[Zillotch]

gib is a die hard.... but the path forward is clear at this point.

diem.

[Mayday]

gib is a die hard.... but the path forward is clear at this point.

diem.

Your position is clear.

You believe all central banks, retail banks, financial institutions, govts and the super wealthy and powerful agreed to hand over all power and financial control to Zuckerberg and Facebook.

[Zillotch]

Your position is clear.

You believe all central banks, retail banks, financial institutions, govts and the super wealthy and powerful agreed to hand over all power and financial control to Zuckerberg and Facebook.

yes.

Its time to get real, in my estimation.

Zuckerberg.. is theater, nothing more.

[Mayday]

yes.

Its time to get real, in my estimation.

Zuckerberg.. is theater, nothing more.

So like you believe, everybody of power and wealth are giving it away to Zuckerberg and Facebook.

Also you think China are giving all their power away to Zuckerberg and Facebook.

You sound nuts of course but hey, if you are going to sound like a nut, be the best nut you can be! Salute!

[Zillotch]

So like you believe, everybody of power and wealth are giving it away to Zuckerberg and Facebook.

again:

Zuckerberg.. is theater, nothing more.

zuck has nothing to do with the power brokers behind diem.

[gib]

again:

zuck has nothing to do with the power brokers behind diem.

Zillo your comment is incredibly ignorant in a number of ways. First, the "power brokers" are slowly but surely coming around to accepting and indeed embracing bitcoin. Second, the entire point of BTC is that it decentralized and independent, as opposed to being created or controlled by US corporates. Facebook has a huge amount of privacy and data issues associated with it that would impact the acceptance of Diem. Further, Diem would not be truly decentralized. Its really a non-starter when compared to the role BTC as has digital gold.

[Zillotch]

Zillo your comment is incredibly ignorant in a number of ways.

on its face - it sounds that way.

I was never a bitcoin denier – on the contrary.. it was indeed 'free money', for a while there.

now, reality dictates otherwise.

I'm not gonna sit here and try to lead the horse... every man must come to his own conclusions.

I've always said – follow the tech. the blockchain will remain.

look at concordia... the libra group - that is diem.

or dont... either way

you will find out in real time, right along with me.

[Army of One]

on its face - its sounds that way.

I was never a bitcoin denier – on the contrary.. it was indeed 'free money', for a while there.

now, reality dictates otherwise.

I'm not gonna sit here and try to lead the horse... every man must come to his own conclusions.

I've always said – follow the tech. the blockchain will remain.

look at concordia... the libra group - that is diem.

or dont... either way

sorry if I am interpreting, but are you not comparing a fixed price digital currency in Libra to a store of value coin in Bitcoin?

[Mayday]

again:

zuck has nothing to do with the power brokers behind diem.

Umm he has everything to do with it as he owns 30% of the platform and is one of the most powerful people in the world.

Again, what timeline are you working on? You said it will happen when it happens which would be operating on a timeline akin to predicting an alien invasion. If you don’t want to sound like
Such a nut, chuck a timeline on it so we know wtf you are on about lol.

[Zillotch]

If you don’t want to sound like Such a nut, chuck a timeline on it so we know wtf you are on about lol.

thats the thing, tho – this shit is nutty... so nutty.

everything in the future (in terms of profit) will b based on transaction fees within diem.

I truly believe that this is the beast system by which the antichrist will operate - just like I've said about blockchain throughout this thread... this tech is dark.

that sounds nutty as well... but look at the world.

there is no upside, imo

[Mayday]

thats the thing, tho – this shit is nutty... so nutty.

everything in the future (in terms of profit) will b based on transaction fees within diem.

I truly believe that this is the beast system by which the antichrist will operate - just like I've said about blockchain throughout this thread... this tech is dark.

that sounds nutty as well... but look at the world.

there is no upside, imo

That’s something waaaaay into the future though.

By the time that rocks around we will probably all wear grey pyjamas as a uniform and have to sit on spin bikes for 8hrs a day to earn food credit type of stuff lol.

This current decade will have the new system being built around basal income. They then need to figure out whether the stock market investers care that the metrics have all been blown to shit and the basis on investment is on QE hitting the major shares.

I agree the world is nutty. I never believed they would shut down the world because like I told my wife it would collapse the monetary system and they’d have to figure it all out. Yet here we are lol. 

[Zillotch]

That’s something waaaaay into the future though.

remember when I posted this nutty shit? (yes, mike... I smoke too much weed)

its kinda like – select men have secretly been on mars, for quite some time.. creating infrastructure necessary to sustain life.. unbeknownst to the human population of earth at large.

these few then set in motion a process by which earth is slowly destroyed... in an incremental, irreversible, and very public way – as things become more dire - these few – will offer the inhabitants of earth safe passage to a viable lifespan on mars in exchange for their freedom.

the inhabitants of earth will b desperate.

I was trying to say that this scenario... as I understand it.. in which a select few... reap the profits from them transaction fees (trillions of transactions a day, going thru diems blockchain crypto system, and only diems blockchain crypto system).. is essentially done.

trillions of transactions a day

u can see why that scenario would be attractive... to the few.

If u ain't in from jump – you're not getting in.

and that is why... everything goes away.

I pray to God that u r right, tho... and we have a decade left... cuz they could flip the switch right now.