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

[Thin Lizzy]

I think some people understand that Satoshi Nakamoto is probably a pen name for an American Corp, American/Central Bank or an American alphabet agency. 

USA allowing crypto enables capital to flow, even if it ends up being a beta test for something else. Why let anarcho-capitalist money exist right under their noses? You can't even transact 10k at the bank without generating an IRS report. Something is off here.

The bond market is the elephant in the room, anything they can do to transition or reset away from derivatives would be beneficial given how screwed up the whole thing is.

Don’t you think that if governments get a hold of it fully they’ll eventually take the scarcity out of the equation. That’s the whole point of a Fiat currency so that they can spend endlessly.

[Griffith]

I just don't get it?  It's not tangible like cash or a credit/debit card.  How do you spend it a $47,000 "dollar bill" and make sure you get your change.  Someone earlier said that someone in the UK gave a whole bit coin on accident for a burger or something.

I started watching some vids on YT about it, and the volatility....some swear it's going up, some say it's doomed to crash.  I don't understand how you spend something that has an ever changing value.  The second thing that was peculiar to me is that one vid mentioned how PayPal had started taking it, but the turn around and turn it into USD on their side right away specifically because of the volatility of it.  So confusing?  Seems like only techies, and very knowledgeable people in the markets understand it.

And I agree with you that the CCP is probably buying the shit out of it with one of their shell companies in the U.S.  It's too bad our lawmakers don't start actually making anti-corruption, fraud, and electoral mandates instead of pursuing a vendetta against someone they've already "defeated"

You don't have to spend or even buy an entire bitcoin or any crypocurrency, you could buy or spend a tiny amount of it, for instance 0.00000001 of BTC or whatever.

Bitcoin was originally intended as a digital currency, but failed in this regard due to the rising volatility and also very slow transaction rates and high fees for small transactions which made it impractical. There were instances of people buying something, and then paying more in fees than the price of the purchase.

I remember when it first came out people were using it to buy pizzas and takeaways, it was more of a novelty, but at the time showed no advantage over using a debit card or cash, except that payments could not be traced and so it was used for purchases on the darkweb. For a while, this was what it was quite famous for.

It was only when the prices went up that the 'store of value' narrative began and later the 'digital gold' concept was also added.

Their white paper might state differently, but this was the view of it, as I remember at the time, from reading news articles and talking to people about it, some of whom had bought and used as well.

[Griffith]

If any of the following happen we could be well on our way to seeing 50+K BTC.

Larry Ellison confirms he is onboard. 50K easy.
Buffett and/or Apple confirm they are onboard. 100K easy.

Still very early days, but exciting times nevertheless.

Oh, and for those who say US will dominate BTC, trust me on this - China is rapidly and stealthily accumulating Bitcoin. And by China, I mean the CCP, as well as CCP funded or sponsored companies and Chinese agencies.

The CCP and probably North Korea and Iran too.

On a side note, the UN World Food Agency uses Ethereum to help feed millions of people around the world 

[OneMoreRep]

I pondered this as well and my conclusion was i think I may have looked at this all wrong.

To set the state of play:

2017 and on many large countries banned crypto due to it’s threat to sovereign currency. The US and a handful allowed it to continue and then increased it’s regulation and legitimacy.

Fast forward to 2021 and We have an utterly fucked global financial system. Record debt for households and govts in general. Zero or negatives rates. No wage growth. High unemployment. Pandemic.

We see loads of QE and a fight against deflation. We see handout stimulus for trickle up economics and working subsidies.

We know the global financial system will be transformed -
Countries will create their own digital coins is confirmed. This is going to be used for those trickle up economic policies and works alongside existing currency. These will be controlled by central banks and can be created instantly and deposited into bank accounts. The impact on the bond market could be massive as not only will huge amounts of spending Bono linger require bonds but the rates are zero or negative.

Move onto Libre which will be a basket of global currencies. Created by an American company and now everybody can do business around the globe. What does this do to the Forex market? Does it even need to exist anymore?

So that puts us looking at a possible massive bond market decline followed by a possible forex market decline. Where does the money go?

Move to crypto where the Americans allowed it to flourish and all the American companies are first on the boat......


Meanwhile all the countries that banned it will be left with a tiny bond market and a tiny forex market and nowhere to make money for their banks.

Enter crypto..... now owned by the Americans and everybody else has to buy from them.......


I don’t want to sound like the tin foil man but what do you guys think?

Hmmm...

If the big banks (JPM, Goldman and family) all seek out custody of BTC and start to hold positions in it, I wouldn't be surprised if this is all part of a big play. Many already believe that the shareholders of the Federal Reserve are likely the same heads of the big banks themselves. If this is the case, I can certainly see a moment in the VERY near future where the US Dollar collapses and digital currency, with the backing of the FED and the big banks, becomes the new reserve currency. It's a stretch, but it wouldn't surprise me in the slightest bit. The FED + the Big Banks all profit tremendously from US Debt transacted via the US Dollar.

Remember, out of the close to 800 FIAT currencies that have existed, there has been a 100% failure rate to them ALL. No FIAT currency has ever stood the test of time. Since the US dollar was unpegged from Gold and is now simply surviving off of the "trust" of the people (domestically & internationally), I wouldn't be surprised if a collapse is imminent. QE will continue and as more and more pumping of money continues, the people will slowly start to feel safer and more eager to spend (why not? there's so much free money). When the public spending starts, velocity to money will undoubtedly increase and inflation (possibly hyperinflation) will ensue.

We saw this before in Greece, Germany and many other places. We are not impervious to the effects of greed & exorbitant debt, not to mention that this US world order is long overdue for a collapse. Since 1945, this country has ridden the long-term debt cycle wave and it's about to implode.

"1"

[Griffith]

https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-aims-for-2-000-as-whales-continue-to-accumulate-even-more-coins-202102101427

Ethereum whales go into buying frenzy suggesting massive gains ahead

Ethereum price reached a market capitalization of over $200 billion for the first time ever after hitting a new all-time high price of $1,837 on Wednesday.

Ethereum price can quickly jump to $2,000

Despite the significant increase in value, Ethereum holders have continued to accumulate even more coins in the past two weeks. The number of large holders with 100,000 to 1,000,000 coins has jumped by six since February 6.

Additionally, the number of whales holding at least 1,000,000 coins and at most 10,000,000 also increased by one in the past week.

The Eth2 deposit contract now holds 3.018 million ETH coins worth over $5.3 billion. The number of ETH coins locked in DeFi protocols has also hit 7.25 million, a number not seen since November 2020.  With this in mind, Ethereum bulls aim for $2,000 next as there are no significant barriers on the way up.

[obsidian]

Guys, please watch this video and let me know what you think. I was one of those hodlers in 2017 riding all the way to the top and down to the bottom and never took profits. So I never bought in at the bottom. Don't want to be in that position again. I know GIB was smarter and cashed out only to buy the dip again. Someone with 5000 BTC won't care if it crashes a lot because it will go up again.

Also check this youtube comment:

Utah Get Me 2
1 day ago
yep definitely right imo, also think these crypto's are only being allowed because they are not physical asset's, the central bankers and Fed are buying up the entire world of physical assets right now with money created from nothing while people pile into digital assets with no backing! seems like the ultimate scam! people will own nothing but they wont be happy

Did Elon Musk & Tesla Just Ignite A Monster Rally Or Market Top?

[obsidian]

^^^^^^^^^^^
Regarding the video above, one thing he is overlooking is the government is printing a ton of money and giving it away. So the crypto bull cycle is propped up by inflation.

[Mayday]

Hmmm...

If the big banks (JPM, Goldman and family) all seek out custody of BTC and start to hold positions in it, I wouldn't be surprised if this is all part of a big play. Many already believe that the shareholders of the Federal Reserve are likely the same heads of the big banks themselves. If this is the case, I can certainly see a moment in the VERY near future where the US Dollar collapses and digital currency, with the backing of the FED and the big banks, becomes the new reserve currency. It's a stretch, but it wouldn't surprise me in the slightest bit. The FED + the Big Banks all profit tremendously from US Debt transacted via the US Dollar.

Remember, out of the close to 800 FIAT currencies that have existed, there has been a 100% failure rate to them ALL. No FIAT currency has ever stood the test of time. Since the US dollar was unpegged from Gold and is now simply surviving off of the "trust" of the people (domestically & internationally), I wouldn't be surprised if a collapse is imminent. QE will continue and as more and more pumping of money continues, the people will slowly start to feel safer and more eager to spend (why not? there's so much free money). When the public spending starts, velocity to money will undoubtedly increase and inflation (possibly hyperinflation) will ensue.

We saw this before in Greece, Germany and many other places. We are not impervious to the effects of greed & exorbitant debt, not to mention that this US world order is long overdue for a collapse. Since 1945, this country has ridden the long-term debt cycle wave and it's about to implode.

"1"

in this thread just as the pandemic broke, the QE method was discussed as to how the world would begin a bailout. Nearly 1 year later and we can see the impact for the US where the Index started at 99 and has fallen to 91, pretty much a 10% decline in one year. To be fair, the US Index spent many years in the 75-85 region prior to now so a reading of 91 is actually significantly higher than it was in the decade prior. The US has a stronger currency today than in 2010.

The IMF are talking of doing a one off devaluation. Something like a 50% currency injection in one year to cause inflation using trickle up economics. Doing in unison means nobody would really gain an advantage in terms of trade. Apparently it’s going to happen in 2021. After that I believe they will lock around 2% annual. So they are going for a hard kickstart instead of a prolonged period. Makes sense.


1973-1980 we saw roughly 16% average annual M3 expansion which came with a 12% Annual GDP, 11.7% Annual CPI, a gold price increase of 460% over the whole period and a wage inflation of 100% meaning consumer debt devaluation of 50%.

I think the monetary system has survived many hard times and the result is transformations over rather than a complete collapse. The Germans post war was a scenario where they were physically destroyed and overwhelmed by debt. impossible to get out of and all alone with really no hope to get out of. This is a global scenario and we are intact so I feel it’s a very different problem we face than post war.

I know people are crazy scared of inflation but what would you pick if given the option?
1) double wage. Halve debt value but you can’t afford big TVs, expensive phones, holidays
2) no wage growth and risk of lower wages. Debt remains as full term loan. Can afford the luxuries but risk of higher unemployment.

[FitnessFrenzy]

Less concerned with the dollar index, because so as long as the USD is the world reserve currency, it will always lead against the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. What I believe the world is noticing is that the US is printing itself into a hole. We are meeting all the necessary requirements to be on our way to a massive deleveraging of our debt. When that happens, it will be a very sad time.

sad because you think the dollar will continue to go down in value?

[Griffith]

Just like in Ready Player One, people are now buying 'virtual properties'. Non-Fungible Tokens (NFT), including digital art and collectibles seems to be a new trend.

https://www.coindesk.com/axie-infinity-virtual-land-record-eth-sale

Virtual Property Sells for $1.5M in Ether, Smashing NFT Record

The eye-popping 888 ETH virtual land sale is said to mark the largest NFT transaction of all time.

A piece of virtual land on blockchain marketplace and gaming platform Axie Infinity has just sold for a record-breaking sum in cryptocurrency.

At around 23:00 UTC on Monday, one of the platform’s newest community members, “Flying Falcon,” purchased the digital estate of nine adjacent Genesis blocks for 888.25 ether, roughly $1.5 million at the time.

The transaction marks the largest non-fungible token (NFT) transaction of all time, superseding the previous $800,000 record set by Polyient Games and their purchase of “the Citadel of the Sun” from Gala Games.

“As Genesis land plots are the rarest and best-positioned plots in Axie Infinity they were a natural fit for my thesis,” Flying Falcon told CoinDesk via email. “What we’re witnessing is a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights.”

While the “epic 9” plot is by far the NFT sector’s largest sale to date, there are roughly three other plots going for much higher: from 100 to 10,000 ETH.

“As the largest digital land sale ever, this marks a significant development in the short history of NFTs,” the seller, Danny (who preferred not to provide a surname), told CoinDesk. “Virtual economies will be the new frontier for an increasingly digital world.”

The virtual land assets will be used for an upcoming game mode known as Axie Land, aka Project K.

Danny recently purchased a rare Hashmasks digital artwork for 420 ETH (around $650,000 at the time of purchase, as CoinDesk reported last week.

[Griffith]

How is Elon Musk not getting investigated by the SEC?  He shit talks BTC on Twitter and promotes Dogecoin for fun, then all of a sudden drops 1.5 billion on BTC.  Sounds like some serious manipulation going on.

https://www.telegraph.co.uk/technology/2021/02/09/elon-musk-faces-sec-probe-teslas-15bn-bitcoin-bet/

Elon Musk could face SEC probe over Tesla’s $1.5bn Bitcoin bet

Billionaire tech mogul Elon Musk could face the wrath of regulators after ramping up the price of bitcoin just days before Tesla revealed a $1.5bn (£1.1bn) bet on the cryptocurrency....

[OneMoreRep]

sad because you think the dollar will continue to go down in value?

Yes. Sad because it hyperinflation ensues, it will mark the end of the US as the dominant world order.

"1"

[Bindare_Dundat]

Another crazy morning
New btc high

[B_MyT_2]

Yes. Sad because it hyperinflation ensues, it will mark the end of the US as the dominant world order.

"1"

I don't care about whether we are the dominant world order, as I'm starting to not believe we are any more anyhow.  What I care about is not paying $7-8 per gallon for gas when I had gotten used to $1.89/gallon, and not having to wait in breadlines. 


OMR, do you and all these other guys in this thread posting such detailed info work in investments/financing or just learned it on the side?  Any good foundational books for investing you'd recommend to learn how to invest on my own outside my 401K?

[FitnessFrenzy]

OMR, do you and all these other guys in this thread posting such detailed info work in investments/financing or just learned it on the side?  Any good foundational books for investing you'd recommend to learn how to invest on my own outside my 401K?

buy and hold index funds such as VTSAX

[Bindare_Dundat]

More banks announce their involvement in BTC. The momentum is building faster and faster.

[B_MyT_2]

buy and hold index funds such as VTSAX

Do I just do that through a company like Schwab, or somehow on my own with no fees?

Thanks for the reply!

[polychronopolous]

America's Oldest Bank BNY Mellon Will Now Support Bitcoin

The oldest bank in America will now be storing Bitcoin on behalf of its clients, according to a report.

 BNY Mellon, the oldest bank in America, will be adding support for Bitcoin on behalf of its asset-management clients, according to the Wall Street Journal. The bank will store and transfer Bitcoin and other digital currencies.

Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses, said, “Digital assets are becoming part of the mainstream.”

According to the report, the bank plans to enable cryptocurrencies to flow through the same systems that it uses for its traditional currencies and stocks. It has created a prototype for doing this and is engaging with clients to see if they want to use it.

Regelman reportedly said that the bank plans to treat cryptocurrencies in the same way as traditional assets. This shows that rather than exist outside of the system—cryptocurrencies can work alongside the current financial system.

Bitcoin has recently gone through a transition from a niche asset to a mainstream, institutional-led one. With the lack of a Bitcoin ETF, Grayscale Investments has been filling the gap, providing institutional investors with a regulated way of getting exposure to Bitcoin, and other coins, via its trusts.
Elon Musk's Tesla Has Invested $1.5 Billion Into Bitcoin

Tesla has invested $1.5 billion into Bitcoin, according to an SEC filing today. "Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digita...

Furthermore, companies have started putting Bitcoin on their balance sheet. MicroStrategy started the trend and now has a balance of around $3 billion in Bitcoin. Earlier this week, Tesla announced that it had followed suit, with a $1.5 billion Bitcoin purchase. Both purchases making it clear that Bitcoin is too big for banks to ignore—and something they are starting to embrace instead.

 https://decrypt.co/57411/americas-oldest-bank-bny-mellon-will-now-support-bitcoin

[FitnessFrenzy]

Do I just do that through a company like Schwab, or somehow on my own with no fees?

Thanks for the reply!

VTSAX is cheap. Look up "Vtsax" on youtube for more info. You should be able to buy it from most banks (investment accounts) yourself.

[OneMoreRep]

I don't care about whether we are the dominant world order, as I'm starting to not believe we are any more anyhow.  What I care about is not paying $7-8 per gallon for gas when I had gotten used to $1.89/gallon, and not having to wait in breadlines.

Oil is a tough one, in the sense that during the current time frame (between now and the next 5-10 years) prices can go either way. So, clearly with this push towards the green new deal that looks to combat climate change by creating millions of high-wage jobs in new green industries & transition our energy system towards alternative/renewable forms of energy, oil/gas will become a "thing" of the past. I foresee it slowly going into extinction sometime around 2030-35, as that's the timeframe that most big countries (USA, India, UK etc) & companies have set for full submersion into a zero-carbon reality. The big oil companies know that the writing is on the wall. So, I think it's fair to say that they will aim towards maximizing their profits during these last 5-10 years before the world makes a shift towards electric everything. The way for them to do this is to increase prices and possibly use the eleventh-hour profits to transition into a new industry or even the renewable energy sector itself.

OMR, do you and all these other guys in this thread posting such detailed info work in investments/financing or just learned it on the side?  Any good foundational books for investing you'd recommend to learn how to invest on my own outside my 401K?

I am a Certified Public Accountant (CPA) with experience in both financial and managerial accounting sectors + public taxation. I have a couple of business degrees (BS w/ double major in Accounting & Finance + MBA in Accounting + CPA). At this point in my life, I only work doing quarterly taxes for small-moderate sized businesses and also do yearly taxes for a small group of public clientele (people I've known for 20+ years).

There are many day traders here that mess around with standard platforms for trading (TD Ameritrade, Fidelity, E-TRADE, Interactive Brokers etc). There are some guys here that are active retail traders that likely work for some of the big banks (JP Morgan, Citigroup, BOA, Wells, US Bancorp, Goldman). I can tell that much because I've worked for some of the big financial institutions as a staff accountant doing the books after trades and can spot a retail trader from a mile away. I do not believe anyone on here is an institutional trader (I could be wrong), as their language is typically very different from what most retail guys use. Usually, institutional traders are incredibly well versed in finance, macro/micro economics, domestic/international trade and market forecasting. Think of institutional traders as the guys/girls that move heavy volume of money for major financial institutions and hedge funds.

I can recommend some books, but please realize I am an ultra conservative investor. I am not a cowboy or as risky/speculative as some of my friends here within this thread. I am an investor in the market, not a trader. I stick with Index Funds & ETF's via Vanguard. I diversify my portfolio by allocating my funds towards Index Funds, domestic & international ETFs, Corporate & US Gov't Bonds, Hard Assets (Residential real estate), Rent-to-own mortgages between my tenants & I and via whole-life insurance. Notice how I didn't say day-trading, options trading, shorting stocks, because that's what most guys here are referring to and find fun, but it's very risky.

If you still want book recommendations, I can gladly give you my top 5-10 books to understand the financial markets & economics, but consider the source, as I am the grandpa in the bunch here.

"1"

[DooM_]

SEC Should Monitor Tesla’s Elon Musk for Market Manipulation: Roubini

The U.S. Securities and Exchange Commission should be “looking to people” like Tesla CEO Elon Musk for market manipulation following the electric car maker’s recent decision to put bitcoin on its balance sheet, according to economist and prominent bitcoin critic Nouriel Roubini.

Musk has been tweeting about bitcoin and dogecoin in recent weeks, at one point updating the bio of his popular Twitter profile to “#bitcoin.” Tesla filed its annual 10-K report with the U.S. Securities and Exchange Commission Monday, saying it purchased about $1.5 billion worth of bitcoin in January.

The New York University economics professor similarly criticized MicroStrategy CEO Michael Saylor’s “irresponsible behavior” for converting a significant portion of the business intelligence firm’s cash reserves to bitcoin considering the cryptocurrency’s volatility. MicroStrategy currently holds 71,079 BTC, according to an SEC filing last week.

In an interview on CoinDesk TV‘s First Mover, Roubini warned bitcoin could “collapse” if Tether, the issuer of the tether (USDT) stablecoin, and crypto exchange Bitfinex are indicted this year. Tether has an eye-popping $31 billion market capitalization, and is subject to multiple ongoing investigations, including from the U.S. Department of Justice and the New York Attorney General’s office. At the center of the DOJ’s criminal investigation into Tether as an organization is whether or not USDT is used to inflate the cryptocurrency markets.

Bitfinex claimed last Friday it repaid the remaining balance of a $550 million loan to its sister firm, Tether. In 2018, the exchange borrowed over $600 million from Tether, with which it shares executives and ownership. The transaction was made public in April 2019 after the New York Attorney General’s Office alleged Bitfinex lost $850 million in customer and corporate funds to payment processor Crypto Capital Corp., and used funds from Tether’s reserve to secretly cover the shortfall.

Roubini predicts the world will eventually “phase out cash” and the U.S. will create an “e-dollar.” Central bank digital currencies will allow central bankers to swiftly maneuver monetary policy, he said, and normalize negative rates in times of economic crisis.

https://finance.yahoo.com/news/sec-monitor-tesla-elon-musk-063109452.html

[OneMoreRep]

SEC Should Monitor Tesla’s Elon Musk for Market Manipulation: Roubini

Did you hear about how Musk's buying into Bitcoin with Tesla stockholder money might have been a distraction move to keep people from noticing the quality problems Tesla is having in China?

https://www.reuters.com/article/us-tesla-china-idUSKBN2A818V

https://markets.businessinsider.com/currencies/news/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2-1030059706

https://www.coindesk.com/china-questioning-tesla-bitcoin-happened

"1"

[Bindare_Dundat]

SEC Should Monitor Tesla’s Elon Musk for Market Manipulation: Roubini

The U.S. Securities and Exchange Commission should be “looking to people” like Tesla CEO Elon Musk for market manipulation following the electric car maker’s recent decision to put bitcoin on its balance sheet, according to economist and prominent bitcoin critic Nouriel Roubini.

Musk has been tweeting about bitcoin and dogecoin in recent weeks, at one point updating the bio of his popular Twitter profile to “#bitcoin.” Tesla filed its annual 10-K report with the U.S. Securities and Exchange Commission Monday, saying it purchased about $1.5 billion worth of bitcoin in January.

The New York University economics professor similarly criticized MicroStrategy CEO Michael Saylor’s “irresponsible behavior” for converting a significant portion of the business intelligence firm’s cash reserves to bitcoin considering the cryptocurrency’s volatility. MicroStrategy currently holds 71,079 BTC, according to an SEC filing last week.

In an interview on CoinDesk TV‘s First Mover, Roubini warned bitcoin could “collapse” if Tether, the issuer of the tether (USDT) stablecoin, and crypto exchange Bitfinex are indicted this year. Tether has an eye-popping $31 billion market capitalization, and is subject to multiple ongoing investigations, including from the U.S. Department of Justice and the New York Attorney General’s office. At the center of the DOJ’s criminal investigation into Tether as an organization is whether or not USDT is used to inflate the cryptocurrency markets.

Bitfinex claimed last Friday it repaid the remaining balance of a $550 million loan to its sister firm, Tether. In 2018, the exchange borrowed over $600 million from Tether, with which it shares executives and ownership. The transaction was made public in April 2019 after the New York Attorney General’s Office alleged Bitfinex lost $850 million in customer and corporate funds to payment processor Crypto Capital Corp., and used funds from Tether’s reserve to secretly cover the shortfall.

Roubini predicts the world will eventually “phase out cash” and the U.S. will create an “e-dollar.” Central bank digital currencies will allow central bankers to swiftly maneuver monetary policy, he said, and normalize negative rates in times of economic crisis.

https://finance.yahoo.com/news/sec-monitor-tesla-elon-musk-063109452.html

Roubinni is one salty mofo

[evacnam]

oh my

[DooM_]

Did you hear about how Musk's buying into Bitcoin with Tesla stockholder money might have been a distraction move to keep people from noticing the quality problems Tesla is having in China?

https://www.reuters.com/article/us-tesla-china-idUSKBN2A818V

https://markets.businessinsider.com/currencies/news/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2-1030059706

https://www.coindesk.com/china-questioning-tesla-bitcoin-happened

"1"

did not know that, had a look now at those links , very interesting . . .