Author Topic: Bitcoins - about to hit $5,000 per coin today!  (Read 892318 times)

Mayday

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9225 on: January 25, 2023, 02:51:44 PM »
DXY parabolic moves all go back to baseline before changing directions.

This would mean next stop for the DXY is the 80s.

Fed rates next week, a move of 0.25% will likely be perceived by the market as the start of a pivot.

Depending how you draw your trend lines on the S&P this week is a breakout, if the above is true then next week should confirm the breakout for S&P.


Money supply went -1.3% 22 vs 21. Money supply going backwards generally means fucking horrific things ahead. If by some chance the market rallies it will be short lived as the money supply can only go negative for a very short period before it hits everything. It’s like getting a massage and then being stabbed.

Flexacon

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9226 on: January 25, 2023, 09:26:39 PM »

For BTC miners, be careful, but yes right now they could be a good buy. They usually trade at a multiple to BTC (both on the upside and the downside) kind of like a leveraged bet on BTC (much like gold with gold miners).

Miners, even the least efficient ones are all in profit at around $22.5k. If contagion has unwound to the point of no more forced selling then this price can hopefully be defended. Miners finally get some much needed breathing room. Feels like a good time to take a small amount of risk there. Will keep adding to my position.

Positioning more for silver right now as Silver hasn’t squeezed yet. When it goes, it’ll tap $60 without much drama. Right now feels similar to 2010-11 when I did a play in silver.

For lithium and energy i Think the market goes up short term. I think the market interprets CPI and Fed actions incorrectly and they end up ‘front running’ by mistake which triggers FOMO this year.

Notice how everyone is now a Pro on CPI, Fed rates and ‘pivoting’?. Seriously I have had some people in my estate with the IQ of a shovel tell me about rates right now and CPI. Fkn 😂 so one one hand we have Uber bearish collapse people shorting the market and on the other we have sidelined cashed up people looking to 100x front run the Fed pivot.

We know we need a deflationary event to trigger inflationary policy. It could very well be this rally/FOMO ramps shit to spastic levels which then blow up and crash, ironically creating the deflationary event to allow the true inflationary response to occur.  99% are calling for a recession worse than the GFC….. this suggests something really fucked up is going to happen this year so I reckon a spastic rally followed by a crash nukes 99% lol

I think Bulls and Bears will both end up getting flattened.

Bears get wiped out by fatigue, mini rallies and a side ways market that does nothing. A pivot is eventually announced, bulls jump in and go long with everything they've got and that's when the market crashes. Everyone feels the pain. Bears miss the crash as they have already tapped out and bulls went in too early.

Hopefully crypto FOMO doesn't get me and I'll be there waiting in cash to take advantage.

obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9227 on: January 26, 2023, 03:49:56 AM »
Dude, I fully agree with everything you have said here. ETH will inevitably fail, for various fundamental reasons, including those you have mentioned - how long that will take, who knows. Further there is real regulatory risk on the horizon with ETH, due to its history of its founders issuing tokens to themselves, which can never be undone or reversed. We are seeing this with Ripple also. Eth may very well be enforced as a security this year (and as such would be an illegal unregistered security), and that in turn will require all regulated exchanges to cease allowing it to be traded, of course leading even more inflow into BTC as "crypto investors" realize the implications.

Eth was really, in many wats, essentially an affinity scam on Bitcoin - maybe even well intentioned. What needs to happen, and I believe will happen, is that we all come to collectively agree and undersand that BTC is the global base layer of value. And we then build on top of that for more efficient transfers, smart contracts, defi etc, all of which was as envisaged by Satoshi. Creating a whole separate, centralized, system, where the technology itself is traded as a store of value as a competing base layer, is really is a perversion of all that Bitcoin stands for.

I really only bought a little ETH as I think its possible that in the short term it will rise in value with BTC, maybe even at a sharper % gain due to lower market cap and due to misunderstanding that it is a "better technology". On numerous occasions I have met relatively intelligent people, new to this space, who in a well meaning manner ask you "Oh, but what about Eth? It can do smart contracts and all that. Now Eth really is quite interesting technology. And its more energy efficient". It really takes time for people to fully understand, and comprehend, at a fundamental principles level, and at a philosophical and economic level, the importance of the distinction between Bitcoin and all other alts. But please be assured, I am a very much a BTC maximalist (at least in so far as knowing that BTC is the ultimate, original, and most perfect form of global digital store of value). I have not betrayed the cause!
So now BTC wants to copy ETH with smart contracts - lmao! The Ethereum developers are way ahead of Bitcoin developers. They are the ones that invented smart contracts. Bitcoin is trying to catch up. And if Bitcoin is a store of value why on earth would anyone want to use it for any transactions? Just buy, hold and sell when the price is sky high!?

There are many many more developers working on Ethereum compared to Bitcoin. It's not even close.

Bitcoin’s popularity with developers shrunk last year while Ethereum’s flourished. Here’s what that means for investors
https://www.cnbc.com/2023/01/18/developers-soured-on-bitcoin-over-the-last-year-heres-why-that-matters.html

There's too much utility for blockchains in the future in the world for one blockchain to satisfy all demands. That's just delusional thinking. I don't see only BTC thriving. And I do see ETH providing more yields in the long run.

ETH staking allows your ETH supply to grow and yet the inflation rate now is a lot lower than Bitcoin's inflation rate. Any entity that provides interest on Bitcoin holdings is speculating with the funds to deliver the interest. And that's a recipe for disaster. But the Ethereum interest is built into the Proof of Stake mechanism. I can stake ETH and expect the ETH balance to grow over time, but not at a crazy inflation rate.

I also see a problem with Bitcoin once most BTC has been mined. Why would anyone secure the network without getting much BTC in return? Who's going to pay the fees of the miners that are supposed to secure the network and prevent a 51% attack? How high would the fees have to be to keep these miners interested? I would not be surprised if Bitcoin switches to a POS system at some point in the future.


obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9228 on: January 26, 2023, 03:57:47 AM »
Gib gave up his btc maxi status when he bought into ETH.

Eth is a long con and theoretically broken from the  beginning trying to pack way to much functionality into a layer one protocol.
BTC is the internet of money. So if you think about that being layer one the lightning network layer two then you'll see other layers develop ontop of it and that's how protocols and distributed network architecture  actually work.
You claim Ethereum developers tried to build too much functionality in the layer 1 network which resulted in layer 2 solutions and at the same time you tout the layer 2 lightning network of Bitcoin - lmao! That's the same thing then. How is it any different?

And exactly how is Ethereum a long con? Why don't you go into more detail?

I see a major structural problem in Bitcoin's future. Why would miners stay to secure the Bitcoin network after most BTC has been mined? Yeah, I know that could be decades from now. Some say 2050 and others past 2100. However, the amount of BTC left to miners will steadily decrease. At some point, it will impact how many miners stick around to secure the network.

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9229 on: January 27, 2023, 06:19:33 PM »
You claim Ethereum developers tried to build too much functionality in the layer 1 network which resulted in layer 2 solutions and at the same time you tout the layer 2 lightning network of Bitcoin - lmao! That's the same thing then. How is it any different?

And exactly how is Ethereum a long con? Why don't you go into more detail?

I see a major structural problem in Bitcoin's future. Why would miners stay to secure the Bitcoin network after most BTC has been mined? Yeah, I know that could be decades from now. Some say 2050 and others past 2100. However, the amount of BTC left to miners will steadily decrease. At some point, it will impact how many miners stick around to secure the network.

Satoshi and the early contributors always envisaged Bitcoin as a rock solid layer 1 foundation of money, with 2nd (and 3rd)  layers of functionality built on top. A great example of this will be the Lightening Network, but of course we will also will see layers which support smart contracts, defi, and other uses carefully and thoughtfully built on BTC. The key is that Bitcoin is the rock solid core at all of this representing perfect global money.

Now if you compare that to ETH, you wiil see that ETH has become a centralized, kind of Frankenstein project, continuously modified, centralized and distorted, and then mixing up and bolting on a whole bunch of "technology features" into a coin which itself is used by some as a tradable store of value. Its an absolute mess, and all this history with Eth cannot be undone. Indeed, it will only get worse.

As for what happens "when all the Bitcoin run out", this has been asked (and answered) so many times (as has a the question of "but there are only 21 million coins, so how can they be subdivided so that it can be a global currency). A simple google search answers both (to the extent it is not already obvious).

Basically, by the time we reach the mythical "last coin", the total global use and volume will be such that transaction fees are more than sufficient to incent miners to switch over. The transaction fees which now make up less than 10% of the existing revenue for miners will increase over time. And that will more than compensate for the loss of block rewards on the mining side. Its a beautiful thing, as again the economic incentive (or put more simply, self motivated greed) supports and secures the entire network, with there being a continued and sustainable push to arbitrage and squeeze out every remaining micro-Satoshi from the supporting BTC transactions, which in turn continues to support the network. We will of course also see Bitcoin holders, Governments, Institutions, Individuals, also help protect the next work out of self motivation to preserve the security of their Sats.

obsidian

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9230 on: January 27, 2023, 09:08:11 PM »
Satoshi and the early contributors always envisaged Bitcoin as a rock solid layer 1 foundation of money, with 2nd (and 3rd)  layers of functionality built on top. A great example of this will be the Lightening Network, but of course we will also will see layers which support smart contracts, defi, and other uses carefully and thoughtfully built on BTC. The key is that Bitcoin is the rock solid core at all of this representing perfect global money.

Now if you compare that to ETH, you wiil see that ETH has become a centralized, kind of Frankenstein project, continuously modified, centralized and distorted, and then mixing up and bolting on a whole bunch of "technology features" into a coin which itself is used by some as a tradable store of value. Its an absolute mess, and all this history with Eth cannot be undone. Indeed, it will only get worse.

As for what happens "when all the Bitcoin run out", this has been asked (and answered) so many times (as has a the question of "but there are only 21 million coins, so how can they be subdivided so that it can be a global currency). A simple google search answers both (to the extent it is not already obvious).

Basically, by the time we reach the mythical "last coin", the total global use and volume will be such that transaction fees are more than sufficient to incent miners to switch over. The transaction fees which now make up less than 10% of the existing revenue for miners will increase over time. And that will more than compensate for the loss of block rewards on the mining side. Its a beautiful thing, as again the economic incentive (or put more simply, self motivated greed) supports and secures the entire network, with there being a continued and sustainable push to arbitrage and squeeze out every remaining micro-Satoshi from the supporting BTC transactions, which in turn continues to support the network. We will of course also see Bitcoin holders, Governments, Institutions, Individuals, also help protect the next work out of self motivation to preserve the security of their Sats.
All these functionalities built on top of Bitcoin that you describe mean development and change. Bitcoin is software and a human creation like everything else. Yes, Ethereum is continuously modified and the fact that the developers have been able to keep it all together without major issues is amazing. But Bitcoin will also have to change to compete with Ethereum. The tap root Bitcoin update introduced smart contracts. Bitcoin also changes and will continue to change. It's a lie saying it never changes. And since when is change a bad thing?!

However, Bitcoin can't do smart contracts as effectively as Ethereum can even with all these changes. And Ethereum has a lot more developers working on it. You need developers to make it happen - even Bitcoin needs developers.

Bitcoin is centralized because two pool miners dominate the hash rate.

The centralization of Bitcoin: Behind the two mining pools controlling 51% of the global hash rate

Only two pools were responsible for mining more than half of Bitcoin's blocks in the second half of December. We looked at Foundry and Antpool to see what's behind the mining behemoths and is Bitcoin really as centralized as it looks.

While most of the market focuses on Bitcoin’s price volatility, a much bigger problem seems to go unnoticed.

The centralization of Ethereum has been one of the hottest topics in the crypto industry since the network’s switch to Proof-of-Stake, with many critics warning about the dangers of such a high market cap cryptocurrency relying on only a handful of centralized validators.

Since the coveted mining ban in China, the centralization of the Bitcoin network mostly disappeared from mainstream discussions and became the focus of a niche group in the mining sphere.

However, Bitcoin’s centralization is a problem that concerns the entire market, especially now when only two mining pools produce the majority of its blocks.

CryptoSlate looked at Bitcoin’s global hash rate distribution and found that more than half of it came from Foundry USA and Antpool.

The two pools mined over a quarter of Bitcoin blocks in the past ten days each. Since mid-December, Foundry USA mined 357 blocks, while Antpool mined 325. Foundry’s block production accounted for 26.98% of the network, while Antpool was responsible for just under 24.5% of the total block production.

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9231 on: January 27, 2023, 11:39:58 PM »
That article mis-describes what a mining pool actually is. You need to be careful not to confuse or obfuscate concepts without thinking it though a little deeper.

A mining pool consists of a large number of individual miners, who mine independently, but combine to share blocks when discovered (giving more consistent and predicable flow of income). This does not mean an entire pool could be coerced into a 51% attack. Indeed it would be virtually impossible given how many miners are in a typical pool of miners, and secondly because there would be no financial incentive to do so (indeed quite contrary to any financial incentive) to do so any individual miner. This is part of the beauty of the proof of work model. Every aspect of the ecosystem is incentivized through self interest, to benefit the strength of the network. So yes, a pool itself is "centralized" to the extent the share block rewards, but they consist of thousands of decentralized miners who act independently and in self interest. So, what you need to do is look at the power of each individual miner, and then bare in mind that new minders as constantly coming along, either to mine alone, or joining a pool. Think of a pool really simply as shared payments.

I'll give you a simple example. Lets say we have 9000 orange growers in the US. 4000 of those decide to join an producers collective - ie they all sell to a single aggregator who in turn gives a guaranteed price and is a consistent buyer. Does that mean that if the aggregator tried to order all 4000 producers to destroy their crops, that each independent grower would do that? Of course not. Why? Well because even though the "pool" is a centralized entity, it consists of many decentralized players. Indeed any smart individual grower would immediately would know that their oranges immediately become more valuable if others were to disappear. Classic economic game theory.

Mining pools actually incentivize more miners to enter the mining business, as they can get a consistent and immediate return on capital, and then grow without large outlay, due to the predicable and immediate shared income. As a result, they are a positive force to the strength on the network.

The second (and 3rd layer) technologies are built on top of Bitcoin, not into Bitcoin itself (but yes, it is correct that Bitcoin can be modified to be optimized for such 2nd layer solutions). This is core to the ethos and tenants of BTC. BTC, as open source code can be modified (and indeed is regularly tweaked). This is indeed because bitcoin is decentralized - it has no centralized leadership (unlike ETH, which can essentially be "selfishly" be changed to the benefit of those with larger stakes - which of course was the whole problem with fiat currencies BTC was designed to defend against, where some small minority in the financial system are advantaged over many others). Proof of stake on the other hand, is a perversion of the fundamental concept of a decentralized currency. All are not equal under ETH, On the other hand, all stakeholders in the BTC ecosystem are incentivized to ensure that any upgrades to the network are backward-compatible and its ultimately up to the community as a whole to approve of any so called "consensus changes" (the taproot upgrade being one such example). And any change to the BTC code inures the benefit of all Bitcoin holders in a proportionate and equal manner.

Thin Lizzy

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9232 on: January 28, 2023, 03:29:12 AM »
Miners, even the least efficient ones are all in profit at around $22.5k. If contagion has unwound to the point of no more forced selling then this price can hopefully be defended. Miners finally get some much needed breathing room. Feels like a good time to take a small amount of risk there. Will keep adding to my position.

I think Bulls and Bears will both end up getting flattened.

Bears get wiped out by fatigue, mini rallies and a side ways market that does nothing. A pivot is eventually announced, bulls jump in and go long with everything they've got and that's when the market crashes. Everyone feels the pain. Bears miss the crash as they have already tapped out and bulls went in too early.

Hopefully crypto FOMO doesn't get me and I'll be there waiting in cash to take advantage.

When the squeezes come, they come hard (no homo)

That first jump was on the earnings report. The next day it went up another 11%. You don’t see that often. Typically, the stock goes flat after a big earnings jump.


FitnessFrenzy

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9233 on: January 28, 2023, 04:55:26 AM »
The Tesla stock special. Heavily traded and considered cult like by some.

Thin Lizzy

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9234 on: January 28, 2023, 05:02:37 AM »
The Tesla stock special. Heavily traded and considered cult like by some.

Here’s what happens when you pan out. Down 50% from the 1 year high:

From a dollars traded standpoint, IMO, the most manipulated stock of all time.

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9235 on: January 28, 2023, 11:08:57 PM »
You claim Ethereum developers tried to build too much functionality in the layer 1 network which resulted in layer 2 solutions and at the same time you tout the layer 2 lightning network of Bitcoin - lmao! That's the same thing then. How is it any different?

And exactly how is Ethereum a long con? Why don't you go into more detail?

I see a major structural problem in Bitcoin's future. Why would miners stay to secure the Bitcoin network after most BTC has been mined? Yeah, I know that could be decades from now. Some say 2050 and others past 2100. However, the amount of BTC left to miners will steadily decrease. At some point, it will impact how many miners stick around to secure the network.

Ethereum has proven completely centrlalized now. By building smart contracts into the base layer you  have to expand the amount of space and the amount of space that you have. To expand means as the network expands the only nodes that can verify the network have to run so high super compute and that you couldn't actually have small nodes around the network, so you have to centralize what the most important nodes. So you can have as many horse shit rollups as you want, doesnt change the fact ethereum sacraficed decentrilization at the base layer.
Why would you use a high cost blockchain, what economic rationale? Because you think it's going to make you more money . It's the same model as as we have in the fiat system it's exactly the same model that the rich get richer. The richer inside that system and they have to centralize more and more and as they centralize more and more they have to cut off certain things from other people you have to protect the core.
That centralization always produces inferior results over the long term (long con). In the short term people think oh wow this is growing and they don't actually understand a network effect that get co-opted by money.
Money dies when centralized and because we never had a system that was decentralized and secure at the base we always relied on system that we trusted who was in power.

Perfect example base layer or TCP was invented in the late 60s by DARPA and if the base layer failed everything fails we still use that that system today at the base.
The base layer has to be hardened it has to be attacked it has to be all of these things. The base layer of Bitcoin is hardening over time and all of these attacks crystallized it's uncompromising ability on bitcoin.
People talk about Bitcoin Maxis, its is their conviction being uncompromised on five to seven transactions we will not let block size expand because it ruins the decentralization security and to try to change that it's impossible because there's a swarm of all these nodes that would never accept a change . There was the the whole 'block wars' over this few years back.
For a long time that creates an attack vector for all of these other shitcoins to say it's old tech .

Flexacon

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9236 on: January 29, 2023, 02:33:49 AM »
When the squeezes come, they come hard (no homo)

That first jump was on the earnings report. The next day it went up another 11%. You don’t see that often. Typically, the stock goes flat after a big earnings jump.

Probably shorts closing out.

The Tesla stock special. Heavily traded and considered cult like by some.

Yeah it's not that unusual for Tesla in this bear market. This is the 3rd 50% plus bounce.

Surely everything is setting up for a monster bull trap  ???

LurkerNoMore

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9237 on: January 29, 2023, 06:26:02 AM »
I haven't read this thread in ages and won't be going back to read dozens of pages that are irrelevant to the market now.

So can someone post the TL;DR info.

The Scott

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9238 on: January 29, 2023, 06:46:41 AM »
I haven't read this thread in ages and won't be going back to read dozens of pages that are irrelevant to the market now.

So can someone post the TL;DR info.

Allow me, waif. 

Fuck Off And Die.

LurkerNoMore

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9239 on: January 29, 2023, 06:56:00 AM »
Allow me, waif. 

Fuck Off And Die.

Kind of early in the morning to be so full of self loathing and depression.  Is your Depends wet again?

It's hilarious how you wish for the death of so many people and yet are you basically in the ground at this point.  We will all outlive you as you seem to be on a day to day basis.  Much to the chagrin of your family who can't wait for you to finally pass so they can be free of your daily burden.

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9240 on: January 29, 2023, 06:03:06 PM »
I haven't read this thread in ages and won't be going back to read dozens of pages that are irrelevant to the market now.

So can someone post the TL;DR info.

Much of what was posted is relevant, as it basically tracks the journey of Mr Anabolic from denial of Bitcoin as a legitimate asset, to ultimate self acceptance and self-owning. We have documented something here, which will form the basis of studies by future academics (both psychologists and economists).

Everyone goes through their own journey of understanding Bitcoin - its just that Mr Anabolic's journey to self acceptance was very public, and visibly painful as he grappled with fundamental beliefs. So it is worth reading the threat from beginning to end, both to understand all the many questions people ask when trying to understand Bitcoin, as well as from a psychological perspective in the personal study of a man who had his mental foundations challenged to the core.

The TLDR is that Mr Anabolic thought Bitcoin was "vaporware" and felt threated by an algorithm based on mathematics and physics, which he could not quite understand. He exemplified the metaphorical old man who kept shaking his walking stick at storm clouds (which of course did nothing to stop the rain).

By the way, this thread started when BTC was around $3500, although some genius GetBiggers bought in way before that, Vince G, CSN MFT being one such example of a visionary early adopter (even if only perhaps done to enable on-line payment to access gay porn sites).

We may now be heading into our 3rd GetBig Bitcoin bull cycle since this thread started. The first went all the way to 20,000 (Mr Anabolic become more and more enraged each day a new high was hit). The second cycle went all the way past 60K, (at which time, Mr A (totally defeated) stopped posting and retreated in shame).

Now we are on the cusp of the Bitcoin next bull cycle, quite possibly heading to a 180,000K peak in late 2025 / early 2026.

 

Andy Griffin

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9241 on: January 30, 2023, 02:47:57 AM »
Much of what was posted is relevant, as it basically tracks the journey of Mr Anabolic from denial of Bitcoin as a legitimate asset, to ultimate self acceptance and self-owning. We have documented something here, which will form the basis of studies by future academics (both psychologists and economists).

Everyone goes through their own journey of understanding Bitcoin - its just that Mr Anabolic's journey to self acceptance was very public, and visibly painful as he grappled with fundamental beliefs. So it is worth reading the threat from beginning to end, both to understand all the many questions people ask when trying to understand Bitcoin, as well as from a psychological perspective in the personal study of a man who had his mental foundations challenged to the core.

The TLDR is that Mr Anabolic thought Bitcoin was "vaporware" and felt threated by an algorithm based on mathematics and physics, which he could not quite understand. He exemplified the metaphorical old man who kept shaking his walking stick at storm clouds (which of course did nothing to stop the rain).

By the way, this thread started when BTC was around $3500, although some genius GetBiggers bought in way before that, Vince G, CSN MFT being one such example of a visionary early adopter (even if only perhaps done to enable on-line payment to access gay porn sites).

We may now be heading into our 3rd GetBig Bitcoin bull cycle since this thread started. The first went all the way to 20,000 (Mr Anabolic become more and more enraged each day a new high was hit). The second cycle went all the way past 60K, (at which time, Mr A (totally defeated) stopped posting and retreated in shame).

Now we are on the cusp of the Bitcoin next bull cycle, quite possibly heading to a 180,000K peak in late 2025 / early 2026.

Fake ass "currency" which is perfect for what is becoming a fake ass clown world.  Even worse than that clown kvnt Judi with her magic gas pills. 🙄
~

GymnJuice

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9242 on: January 30, 2023, 03:32:28 AM »
Much of what was posted is relevant, as it basically tracks the journey of Mr Anabolic from denial of Bitcoin as a legitimate asset, to ultimate self acceptance and self-owning. We have documented something here, which will form the basis of studies by future academics (both psychologists and economists).

Everyone goes through their own journey of understanding Bitcoin - its just that Mr Anabolic's journey to self acceptance was very public, and visibly painful as he grappled with fundamental beliefs. So it is worth reading the threat from beginning to end, both to understand all the many questions people ask when trying to understand Bitcoin, as well as from a psychological perspective in the personal study of a man who had his mental foundations challenged to the core.

The TLDR is that Mr Anabolic thought Bitcoin was "vaporware" and felt threated by an algorithm based on mathematics and physics, which he could not quite understand. He exemplified the metaphorical old man who kept shaking his walking stick at storm clouds (which of course did nothing to stop the rain).

By the way, this thread started when BTC was around $3500, although some genius GetBiggers bought in way before that, Vince G, CSN MFT being one such example of a visionary early adopter (even if only perhaps done to enable on-line payment to access gay porn sites).

We may now be heading into our 3rd GetBig Bitcoin bull cycle since this thread started. The first went all the way to 20,000 (Mr Anabolic become more and more enraged each day a new high was hit). The second cycle went all the way past 60K, (at which time, Mr A (totally defeated) stopped posting and retreated in shame).

Now we are on the cusp of the Bitcoin next bull cycle, quite possibly heading to a 180,000K peak in late 2025 / early 2026.

Do you see a point where someone can walk into a store and pay for groceries with bitcoins?

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9243 on: January 30, 2023, 04:46:41 AM »
I do it every day. Many people do. I use a credit card which instantly converts Sats to fait.

Mainly just for fun for my coffee or drinks in the evening, but basically you want to be saving in BTC and spending in fiat.

Thin Lizzy

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9244 on: January 30, 2023, 06:56:40 AM »
Probably shorts closing out.



Another short squeeze:


Mayday

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9245 on: January 30, 2023, 01:24:59 PM »
I haven't read this thread in ages and won't be going back to read dozens of pages that are irrelevant to the market now.

So can someone post the TL;DR info.


we might might get a nice YOLO 100x ya Mum type of rally because average Joe is now a CPI expert, inflationary cycle expert, historian and can read the Fed’s thoughts and front run them correctly without error.

The market will rally against a declining money supply which tells you it will end in tears.

Flexacon

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9246 on: January 30, 2023, 08:44:31 PM »
Bitcoins core developers went full retard this week.

This kinda thing is the reason why Bitcoins utility went backwards and why Ethereum even came to exist in the first place.



This type of hypocrisy is one of the reasons why developers in the space avoid bitcoin.

gib

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9247 on: January 30, 2023, 10:29:33 PM »
I don't see any issue here. The blockchain allows notes up to a certain size to be stored in a block, so you could store a link to an image. No big deal.

Theoak*

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9248 on: January 31, 2023, 06:25:21 AM »
I don't see any issue here. The blockchain allows notes up to a certain size to be stored in a block, so you could store a link to an image. No big deal.

Shame on them for having technical  debates bringing forth competing ideas on a decentralized  blockchain.

Unlike the Eth community :

dev 1 : How we going to extract more  money out of this space this year?

dev 2: I know let's do decentralised finance on a centralised blockchain, we will call it DeFI

Dev 3 : That's amazing, the 1% can get richer with inside knowledge while 99% get their faces melted off.

You know what you'll never hear from the shitcoin community gib? Is how their coin is going to give hope, freedom and abundance to 8billion people.

It's always my coin will do 3x more than  btc, therefore we are better.

Solana crowd was amazing, shutdown their blockchain 3 times and their attitude.....Sol dropped, we can get it at cheaper prices ready for the next run up. This was a supposed Eth killer.

Flexacon

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Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #9249 on: January 31, 2023, 07:37:56 AM »
Shame on them for having technical  debates bringing forth competing ideas on a decentralized  blockchain.

Unlike the Eth community :

dev 1 : How we going to extract more  money out of this space this year?

dev 2: I know let's do decentralised finance on a centralised blockchain, we will call it DeFI

Dev 3 : That's amazing, the 1% can get richer with inside knowledge while 99% get their faces melted off.

You know what you'll never hear from the shitcoin community gib? Is how their coin is going to give hope, freedom and abundance to 8billion people.

It's always my coin will do 3x more than  btc, therefore we are better.

Solana crowd was amazing, shutdown their blockchain 3 times and their attitude.....Sol dropped, we can get it at cheaper prices ready for the next run up. This was a supposed Eth killer.

Bitcoin core developers encouraging censorship and trying to gatekeep isn't just "technical debate". That kinda thing goes fundamentally against decentralization and bitcoin.

You don't seem to have a problem with this and your go to defence is to attack the ETH community and shitcoins when they have nothing to do with it. It's time to take the maxi blinkers off for a minute and call this kinda thing out.

Long term Bitcoin has a problem, if the price doesn't keep doubling every 4 years then then the security model breaks. It needs development to make sure the network can still remain secure even if the price doesn't double. It needs more than just the lighting network (which in its current state isn't fit purpose) Core developers gatekeeping just pushes away the people who can help achieve that, just like it did back in 2014/15.