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

[gib]

Yes. A nice little corona virus rally underway. Same with gold.

[a_pupil]

 

[loco]

 

LOL

[gib]

Has still massively out performed the US stock index over the last year, but yes, a stunning drop (along with everything else). Its all about relative purchasing power.

[Army of One]

Has still massively out performed the US stock index over the last year, but yes, a stunning drop (along with everything else). Its all about relative purchasing power.

You are downplaying this.Bitcoins selling point according to the diehard community was as a store of value in a recession against the dollar, that myth has just been crushed.Its slow and useless as a currency.So where does that leave us?The real truth is that highly speculative assets are the first to be dumped in a recession, and btc is a highly speculative asset.btc 1k and below coming.

[Twaddle]

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

[gib]

You are downplaying this.Bitcoins selling point according to the diehard community was as a store of value in a recession against the dollar, that myth has just been crushed.Its slow and useless as a currency.So where does that leave us?The real truth is that highly speculative assets are the first to be dumped in a recession, and btc is a highly speculative asset.btc 1k and below coming.

Huh? BTC is clearly a store of value. (That does not mean it is not also used for speculation, same as gold by the way). Best analogy of BTC is digital gold. So now, when other comparative assets are at better value, people of course will sell, in order to make use of that higher comparative value of BTC in USD, to buy stocks at a great discount. Should be pretty obvious. BTC has served its purpose. Same reason you are not seeing gold rallying last few days, People are cashing in, taking higher comparative value, and putting into into assets they see as being of more attractive value.

I am not a BTC or Gold bug by the way. I am largely focussed on income producing businesses (be it private equity, property, or equities). But I do have a little BTC and gold (less than 1% of net worth, although that ratio may have changes slightly with recent stock market declines).

Also, as I have explained before, they are possible future global (or country) scenarios, albeit not that likely, but certainly possible, where access to BTC will be of almost unimaginable value. Right now we are freaking out about a virus. Imagine for a moment a computer or internet virus, that literally sickens and disables banks... Zero access to electronic cash. Imagine what kind of a crisis (and demand for BTC) that would create. Many other far-fetched examples exist, but these "black swans" could really occur. BTC is your immunization and hedge in such cases.

[FitnessFrenzy]

BTC is clearly a store of value.

just stop it..

[Army of One]

Huh? BTC is clearly a store of value. (That does not mean it is not also used for speculation, same as gold by the way). Best analogy of BTC is digital gold. So now, when other comparative assets are at better value, people of course will sell, in order to make use of that higher comparative value of BTC in USD, to buy stocks at a great discount. Should be pretty obvious. BTC has served its purpose. Same reason you are not seeing gold rallying last few days, People are cashing in, taking higher comparative value, and putting into into assets they see as being of more attractive value.

I am not a BTC or Gold bug by the way. I am largely focussed on income producing businesses (be it private equity, property, or equities). But I do have a little BTC and gold (less than 1% of net worth, although that ratio may have changes slightly with recent stock market declines).

Also, as I have explained before, they are possible future global (or country) scenarios, albeit not that likely, but certainly possible, where access to BTC will be of almost unimaginable value. Right now we are freaking out about a virus. Imagine for a moment a computer or internet virus, that literally sickens and disables banks... Zero access to electronic cash. Imagine what kind of a crisis (and demand for BTC) that would create. Many other far-fetched examples exist, but these "black swans" could really occur. BTC is your immunization and hedge in such cases.

You really think if complex high security bank accounts go down, people are going to put faith in bitcoin, with 1hr transaction times, stupidly high transaction fees when the network gets busy, and encryption that's only a few years away from Quantum cracking?A system where if your grandma forgets her keywords she loses her account?A system where CZ of Binance admitted he could collude with Chinese miners and roll back transactions to whatever date he wanted?A system where a 51% attack could be launched and destroy the network?It's useless as a currency and we are being given the litmus test on it failing in a recession.

[harmankardon1]

Bitcoin is shit long term it's nothing....

if you've made some great for you, don't get greedy, get out while your up.

[SOMEPARTS]

Deflationary pressure...all assets. Gold at 1568.00 and silver at 15.66 is nuts.

[TheGrinch]

I know I know... .gib sold at the high tick

[a_pupil]

I know I know... .gib sold at the high tick

there's something fishy about gib's somalian insiders on the ground dealing with coronovirus and this economic crash.

he's like a james bond villain.

[gib]

You really think if complex high security bank accounts go down, people are going to put faith in bitcoin, with 1hr transaction times, stupidly high transaction fees when the network gets busy, and encryption that's only a few years away from Quantum cracking?A system where if your grandma forgets her keywords she loses her account?A system where CZ of Binance admitted he could collude with Chinese miners and roll back transactions to whatever date he wanted?A system where a 51% attack could be launched and destroy the network?It's useless as a currency and we are being given the litmus test on it failing in a recession.

All nonsense except for theoretical 51% attack. Reality is BTC is far less vulnerable from any corruption than any fait currency. We can place our faith in the universal truth of mathematics.

[Army of One]

All nonsense except for theoretical 51% attack. Reality is BTC is far less vulnerable from any corruption than any fait currency. We can place our faith in the universal truth of mathematics.

None of it is nonsense.Why lie?It has slow transaction times, cost per transaction goes up the more clogged up the system is with transactions, cz outright said he could reverse transactions by working with the miners to roll back the blockchain, thousands of people have lost their bitcoin due to forgetting keywords.If you are going to argue at least don't lie.

[DooM_]

bitcoin is worthless , nothing to back it up

[Army of One]

Down another 1000 dollars in a few hours.below 5k now.STORE OF VALUE

[Flexacon]

Gib gone from forum hero to zero in less than 24hours

[gib]

None of it is nonsense.Why lie?It has slow transaction times, cost per transaction goes up the more clogged up the system is with transactions, cz outright said he could reverse transactions by working with the miners to roll back the blockchain, thousands of people have lost their bitcoin due to forgetting keywords.If you are going to argue at least don't lie.

The keywords being lost is correct I agree. People also lose paper money and gold coins or other items of value. Happens all the time. This is a function of how the asset is stored by the owner and not a fault of the asset itself.

BTC and a long term store of wealth means you will not be transacting too often. More efficient then the costs a persons on foreign currency margins at a typical bank. Much lower than physical gold margins.

[Army of One]

The keywords being lost is correct I agree. People also lose paper money and gold coins or other items of value. Happens all the time. This is a function of how the asset is stored by the owner and not a fault of the asset itself.

BTC and a long term store of wealth means you will not be transacting too often. More efficient then the costs a persons on foreign currency margins at a typical bank. Much lower than physical gold margins.

The whole basis of the bitcoin argument is that it was supposed to be immune from everything that could take the regular markets down.That false belief has been crushed in the last week with btc and crypto falling faster than anything else.The store of value meme is dead in the water.People are realising that even if the lights go out they can still hold their physical gold and silver, if the electricity goes out, good luck getting hold of your bitcoin.

[Twaddle]

Right now is still primarily being driven by tech geeks and little people. The big money will be moving in by 2020 though. That era will likely take the market price to over usd 100K per coin.

 

[Army of One]

When he posted that in November 2017, it was basically peak delusion time.Everyone involved in cryptocurrency believed bitcoin was the 2nd coming of christ, that the government's of the world would adopt it, it would be widely used as a currency, would take over gold etc.

What happened was everyone and their mother tried to buy some, the network slowed to a crawl , with transactions taking days at some points, and the price of these transactions were ludicrous to get the miners to process them, upwards of 1kusd at times.Companies like Microsoft, Steam etc saw this and dropped it as a payment option, and basically everyone else followed.The market then crashed in Jan 2018, half the altcoin founders ran with the money and deserted their projects.

Over the next 2 years pretty much every government of the world called bitcoin out, many outright banned it.It soon became near impossible to cash out without paying hefty taxes.It was clear nobody was adopting it, and it had failed as a usable currency.So the store of Value meme was jumped on by the Twitter/reddit crowd, "digital gold".This however is collapsing right in front of our eyes.

[polychronopolous]

We are already declaring this emerging asset class dead after one of the freakiest weeks and overall biggest sell offs of our lives?

Boy, I don't get that rationale at all.

I had to buy a little more today at these rock bottom prices.

Not to say you have to go all YOLO and mortgage the house but as a small hedge in a portfolio, Bitcoin has it's place.

[friedchickendinner]

Maybe next week it will be $500 per coin.

[Mayday]

I had to buy a little more today at these rock bottom prices.

Not to say you have to go all YOLO and mortgage the house but as a small hedge in a portfolio, Bitcoin has it's place.

Week 1 of a 12+ week crisis and you are signaling it's time to buy, wtf?