Author Topic: Bitcoins - about to hit $5,000 per coin today! (Read 892317 times)

FitnessFrenzy · « **Reply #4801 on:** February 08, 2021, 06:09:08 AM »

who knows whether bitcoin is worth 1 dollar or 40.000 dollar for 1 coin. I guess it boils down to supply and demand.

I however think that it is super exciting what Tesla is doing. I don't own any crypto, but this is just interesting to follow regardless.

Elon is a visionary in many ways.

El Diablo Blanco · « **Reply #4802 on:** February 08, 2021, 06:41:37 AM »

Damn, BTC is skyrocketing today. Fuck.

Army of One · « **Reply #4803 on:** February 08, 2021, 06:41:51 AM »

Quote from: FitnessFrenzy on February 08, 2021, 06:09:08 AM

who knows whether bitcoin is worth 1 dollar or 40.000 dollar for 1 coin. I guess it boils down to supply and demand.

I however think that it is super exciting what Tesla is doing. I don't own any crypto, but this is just interesting to follow regardless.

Elon is a visionary in many ways.

like everything else in life, it boils down to the value we assign it.

Gitur · « **Reply #4804 on:** February 08, 2021, 07:10:59 AM »

Quote from: Army of One on February 08, 2021, 06:06:47 AM

tesla also accepting it as payment for their cars.

not just yet, lets not get ahead of ourselves

Army of One · « **Reply #4805 on:** February 08, 2021, 10:43:29 AM »

Quote from: Gitur on February 08, 2021, 07:10:59 AM

not just yet, lets not get ahead of ourselves

ok, will be. Same difference when it comes to speculating on btc.

B_MyT_2 · « **Reply #4806 on:** February 08, 2021, 01:18:18 PM »

Quote from: El Diablo Blanco on February 08, 2021, 06:41:37 AM

Damn, BTC is skyrocketing today. Fuck.

What's it at now? Last I saw was 33K. I just don't get it, but I wish I did and that I would have bought when it first came out. I'd cash out now, and live happily ever after. I think an enormous market and housing crash is coming within the 1st year of this administration.

Mayday · « **Reply #4807 on:** February 08, 2021, 03:05:55 PM »

Quote from: El Diablo Blanco on February 08, 2021, 06:41:37 AM

Damn, BTC is skyrocketing today. Fuck.

Wicked strong rally. All time high. Next ATH milestone will be 55k. Everything moving so fast now.

Very poor ETH dip to 1,500. Oh well. In long to October.

Elon snuck in by microstrategy playbook. Game changing.

SOMEPARTS · « **Reply #4808 on:** February 08, 2021, 03:07:32 PM »

Wait, so the guy with several companies that don't make a profit is buying money that doesn't actually exist?

I'm shocked I tell ya.

In all seriousness this is good for BTC. Probably better for Musk though.

Mayday · « **Reply #4809 on:** February 08, 2021, 03:55:16 PM »

Quote from: SOMEPARTS on February 08, 2021, 03:07:32 PM

Wait, so the guy with several companies that don't make a profit is buying money that doesn't actually exist?

I'm shocked I tell ya.

In all seriousness this is good for BTC. Probably better for Musk though.

Possibly provides some evidence as to why there wasn’t a strong pullback to previous years. Perhaps influenced by Elon buying the dip so it wasn’t as savage?

Maybe the 250k price this year is actually going to be correct? That’s a scary thought!

That would make Gib correct that after pretty much this week BtC, will be out of reach for all average people?

Scary!

obsidian · « **Reply #4810 on:** February 08, 2021, 04:02:22 PM »

Elon is smart. He hyped up Bitcoin last week. The price went up. Then Tesla buys Bitcoin at an inflated price. The SEC can't turn around now and say he first bought Bitcoin and then hyped up the price. After all he bought it at the hyped up price. Smart move. Also it is in the interest of large BTC holders that more people get into BTC. Why? If only a few people have all the BTC it becomes less valuable. It is more valuable as more people get invested in it.

I think there's is a chance Bitcoin goes to $100,000 or more this year.

Note: I am assuming they just bought it now. They could have been buying all along. In that case he could be accused of hyping up the asset he got involved in. Is that illegal? Not sure...

obsidian · « **Reply #4811 on:** February 08, 2021, 04:05:00 PM »

Quote from: Mayday on February 08, 2021, 03:05:55 PM

Wicked strong rally. All time high. Next ATH milestone will be 55k. Everything moving so fast now.

Very poor ETH dip to 1,500. Oh well. In long to October.

Elon snuck in by microstrategy playbook. Game changing.

Ethereum dropped because of FUD and people were afraid the ETH futures would tank the price. All those weak hands that sold are now regretting it. Stay long. Sell perhaps 25% when the price goes a lot higher and another 25% if it goes even higher. Hold the other 50% long term. Now you are hedged both ways. If the price goes down you can get more Ethereum. If the price goes up you already took profits and can ride it higher.

obsidian · « **Reply #4812 on:** February 08, 2021, 04:09:40 PM »

Quote from: gib on February 07, 2021, 08:19:25 PM

Eth is not limited in supply. And for it to succeed it needs to be abundant. Eth facilitates transactions. Its a protocol, not a store of value (or at least was not intended as being one).

"If Bitcoin is Digital Gold then Ethereum could be seen as Digital Oil" - yes true, although that "oil" may be come as abundant as air - indeed it has to for Eth is to ever be broadly adopted. Indeed this was Vatalik's vision. He wanted to solve a problem, not have the eth be used as a speculative commodity. And if there is any significant cost involved, it inherently defeats the entire purpose of Eth, (and then alternatives will of course be used, driving costs of any such functionality down to basically zero).

As for "relative performance", the stats you have posted are correct, although basically nonsense if intended to show that eth might be a good future investment. I can create an alt in minutes with a market cap of .$0001, sell it to another person for $100. That would show "amazing growth", such growth neither would indicate any inherent value or utility of either the coin itself, or any long term future pricing. I can also point to a host of "alts" that have outperformed BTC, most no-one has every heard of and/or which will fade away in the future).

The lower the market cap, the easier it is to show "growth'. But make no doubts it - BTC is the core store of value. Speculative money will flow back and forth from BTC and various alts, but overall all this money in the crypto ecosystem will revert to BTC as the base value.

The proposal is for Ethereum to be limited and it will happen. It will be shitty for miners but good for the price. And mining Ethereum will go away once Proof of Stake is implemented. Ethereum could tap into a market worth tens of trillions. Even 200 million ETH would be very elevated at such a massive market cap.

https://decrypt.co/52157/ethereum-developer-we-are-going-to-burn-a-lot-of-eth

obsidian · « **Reply #4813 on:** February 08, 2021, 04:15:30 PM »

Quote from: gib on February 08, 2021, 02:28:06 AM

If Ethereum ends up succeeding it follows that it will also become essentially worthless. I suggest you read Ethereum’s value proposition, as in the original whitepaper on ethereum.org as follows:

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

Note that there is no value proposition for ETH in the official description.

Yes, one could argue that Eth "fees" equate to "gas" - ie - the Ethereum network is like a shared car, and when a contract wants to be driven by the shared car, the car uses up fuel, which you have to pay the driver for. (How much gas money you owe depends on how far you had to be driven, and how much you have made use of the car etc). However, there is no hard requirement in the Etherium platform for "Gas" to actually be present or "consumed" in an Ethereum smart contract.

If all the applications and their transactions can run without ETH, there’s no reason for ETH to be valuable unless the miners collectively enforce some sort of requirement for users to pay in ETH. And if that were to happen, replacing ETH with a more efficient solution would be the inevitable result. And this would be to the disadvantage to existing ETH holders in terms of Eth having any value. Hence the ultimate conclusion to a "valueless" yes widely used protocol.

Again, that it not to mean that Eth (or any alt) can have a short term speculative value. And it also certainly means we will eventually see apps built on the Eth protocol.

I am not sure how you arrive to that conclusion.

Look at Bitcoin's Description. Same can be said about that. Why is there value in BTC based on this but not in ETH? Also you forget the network effect. Institutions and now the stock market are getting into Ethereum. They don't benefit from a depreciating Ethereum value. Ethereum will also transition to a store of value, besides also having utility. I really hope you are wrong and I don't see why Ethereum would go to zero when millions of people are invested in it. If that's your proposition the same thing could happen to Bitcoin. And we have seen the price crash from $20,000 down to $3,000. But the free market corrected the price in time. Partly because the dollar is being devalued.

What is Bitcoin

Bitcoin (BTC) is the first decentralized digital currency that can be sent through the internet globally, without using an intermediary; such as financial institutions, like a (central) bank or agency. The Bitcoin transactions are controlled by many of its users, instead of a few entities. The processing of these transactions is called ‘mining’; new Bitcoin transactions, known as blocks, are added to the record of past transactions on the blockchain. In return, they get awarded with Bitcoin.

The goal of Bitcoin

Bitcoin was invented as a new electronic cash system that’s fully peer-to-peer, with no third party as an intermediary. Bitcoin was created because of a few main concerns of the inventor, like manipulation of the money supply, with inflation as result; profitable monopolies and oligopolies in financial services, such as the high fees for international money transfers; and tracking the money used by people.

Bindare_Dundat · « **Reply #4814 on:** February 08, 2021, 04:36:51 PM »

Keeps going.

Eth picking its nose.

Hopefully goes off tomorrow

gib · « **Reply #4815 on:** February 08, 2021, 04:47:20 PM »

Quote from: Theoak* on February 08, 2021, 05:43:28 AM

Mr A will internally combust once amazon,apple facebook, google and the other power houses release their balance sheets with btc included.

I can't believe how stubborn, pigheaded, self-righteous, closed-minded, and obstinate he was. We were trying to help him, and he just simply refuses to accept reality. Yes he is a little older than most of us, but being around younger people is that you get exposed to new and fresh ideas - that's the whole point.

It would have to be a significant self-owning now for him to see all his comments (each of which I clarified for him over many many posts) be factually and objectively disproven. He even got to the point where he started calling me a psychopath simply for my efforts in trying to help educate him.

Anyhow, the good news is there is still lots of time of time to get in early on what will be a multi-decade trend. We still have many slow moving banks, pension funds, Governments, older HNWs etc, who have yet to really make a move into adopting BTC. And as BTC matures, we will have many income earners globally who allocate portions of their paychecks to BTC on a regular basis (or who will choose to be paid in BTC entirely).

Cash is becoming increasingly volatile over time - we can see this by how much the price of USD to buy BTC fluctuates on a daily basis as people start to become increasingly insure of the value of fait currency.

I have said it before. To all GetBiggers - If you can still afford to become a one-coiner, do it now. It may be the most important financial decision you make over the next decade. And it will over time become a key socio-economic distinguisher - where you live, where your kids go to school, where you holiday, what clubs you go to, what healthcare you get, which chicks you get, etc. You will not actually "spend" your BTC, but rather HODL it and have fiat currency extended against it as a security.

Right now, BTC is still largely the asset of intellectuals, the curious, the geeks, the rebellious, the ambitious, the visionaries, the cyberpunks, the hackers. But make no doubt about it. But it is this class who over time will merge and rise to be the new leaders and rulers of the world.

Mr Anabolic, please apologize and accept the help so many of us have tried to give you. Man up and apologize. Embrace the new world and move on.

xxx Blips xxx

Thin Lizzy · « **Reply #4816 on:** February 08, 2021, 05:19:38 PM »

What do y’all think of this?

Mayday · « **Reply #4817 on:** February 08, 2021, 06:28:02 PM »

Quote from: obsidian on February 08, 2021, 04:05:00 PM

Ethereum dropped because of FUD and people were afraid the the ETH futures would tank the price. All those weak hands that sold are now regretting it. Stay long. Sell perhaps 25% when the price goes a lot higher and another 25% if it goes even higher. Hold the other 50% long term. Now you are hedged both ways. If the price goes down you can get more Ethereum. If the price goes up you already took profits and can ride it higher.

I was in that boat and was wrong. The price over the last month rose quickly and the pullback price ends up being higher than if one were to have bought earlier. I did hedge my bet and the second buy in was higher than the initial. Oh well.

I am in for 2025 now. I can’t exit with a 50% tax rate and buy back in cheaper as A 30% pullback isn’t enough. once I have held it for a year my tax rate drops to 25% and even then Selling for a small pullback in price isn’t worth it.

I have added ADA and will keep buying as funds become available.

Griffith · « **Reply #4818 on:** February 08, 2021, 08:39:32 PM »

Quote from: Mayday on February 08, 2021, 06:28:02 PM

I was in that boat and was wrong. The price over the last month rose quickly and the pullback price ends up being higher than if one were to have bought earlier. I did hedge my bet and the second buy in was higher than the initial. Oh well.

I am in for 2025 now. I can’t exit with a 50% tax rate and buy back in cheaper as A 30% pullback isn’t enough. once I have held it for a year my tax rate drops to 25% and even then Selling for a small pullback in price isn’t worth it.

I have added ADA and will keep buying as funds become available.

ETH reached an all time high yesterday of about $1775 and is not far behind that now.

Griffith · « **Reply #4819 on:** February 08, 2021, 08:56:33 PM »

Quote from: obsidian on February 08, 2021, 04:02:22 PM

Elon is smart. He hyped up Bitcoin last week. The price went up. Then Tesla buys Bitcoin at an inflated price. The SEC can't turn around now and say he first bought Bitcoin and then hyped up the price. After all he bought it at the hyped up price. Smart move. Also it is in the interest of large BTC holders that more people get into BTC. Why? If only a few people have all the BTC it becomes less valuable. It is more valuable as more people get invested in it.

I think there's is a chance Bitcoin goes to $100,000 or more this year.

Note: I am assuming they just bought it now. They could have been buying all along. In that case he could be accused of hyping up the asset he got involved in. Is that illegal? Not sure...

Apparently Tesla bought Bitcoin in January.

SOMEPARTS · « **Reply #4820 on:** February 08, 2021, 10:41:35 PM »

Quote from: Griffith on February 08, 2021, 08:56:33 PM

Apparently Tesla bought Bitcoin in January.

Musk hates the SEC, no doubt he was front running this move to give them the finger.

Mayday · « **Reply #4821 on:** February 08, 2021, 11:24:42 PM »

Quote from: Griffith on February 08, 2021, 08:56:33 PM

Apparently Tesla bought Bitcoin in January.

Which perhaps we could attribute the lack of a decent pullback and the choppiness during late Jan?

Go further down the rabbit hole and when we see choppiness and price disruption, can we be sure it is a genuine correction or is it the entry of a new market participant using a playbook strategy to entry?

FitnessFrenzy · « **Reply #4822 on:** February 09, 2021, 12:23:23 AM »

$ 47,580.71

obsidian · « **Reply #4823 on:** February 09, 2021, 01:26:05 AM »

Ethereum new ATH of just under $1816 as of right now! Not bad maybe Bitboy Crypto was right and it could hit $2000-2500 by Valentine's Day!

Price pullbacks will happen and is apparently considered healthy according to "experts".

obsidian · « **Reply #4824 on:** February 09, 2021, 01:29:04 AM »

Quote from: Griffith on February 08, 2021, 08:56:33 PM

Apparently Tesla bought Bitcoin in January.

Ok. Yeah he can hype up his investments I don't think that's illegal. He could even bad mouth it if he wants the price to drop so he can buy more. Must say it is impressive how much influence he has now. Just a tweet from him moves markets.