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

[gib]

How legit is this guy?

Bitcoin to me isn't worth the risk at this point, as it'll most likely be a 2-3x gain.

Yet you probably feel its safe to store value in cash, which you know for certain will depreciate  over time. Go figure...

[gib]

My funniest experience was when my mid-teen brother was dreaming about getting xrp as it was going to moon to bitcoin level from $1.

So I got 100 for him, and before you know it that shit crashed to like 10 cents lol.

This is a good example of why you need to know what you are buying, and for what purpose. Any why its essential to understand the difference between Bitcoin and "crypto".

[gib]

Even if certain altcoins outperform btc in the next cycle, do you really want to play a game of 24/7 speculation, staring at screens for 18 months where you try (and most likely fail) to pick tops and bottoms? These traders are full of shit and not a reliable source of information. Grifters of the highest order.

You'll find most are salty they missed out on btc in its early years and trying to make up for it by pumping small cap garbage and bs narratives.

No shit coin is touching btc and the gap will expand further into the future. From a price point its not a matter of if btc will  touch 6 or 7 digits but when. Which shit coin can say the same?

Agree. All I can say is every cycle new shitcoins get pumped and dumped, and the same idiots (or sometimes new idiots) make the same mistakes. Meanwhile, in every cycle, BTC just keep on doing its thing, growing in adoption and value over time...

[gib]

The issue is, BTC is already at 5 digits. If it goes to 6 digits, say $100k, that's only a 2.67x from here. Someone dumping $10K in BTC now won't see life-changing gains if it goes to $100k. Let's say it goes to 7 digits, or $1 million. That's a 26.79x from here. That turns the $10K into $267,952. Still not life-changing. You can't retire on that.

Meanwhile, a Shiba Inu trader for a brief period turned a $8,000 investment into $5.7 billion! Sure, there's no way he could cash that all out. But he definitely could have cashed out millions.

https://markets.businessinsider.com/news/currencies/crypto-investor-turned-8000-into-5-billion-buying-shiba-inu-2021-10

Degens are looking for the next Shiba Inu. For a brief period that Shiba Inu trader had 3.56x Michael Saylor's net worth. All off a $8000 buy!



https://www.binance.com/en/news/top/3021725

Speculation that the trader may have lost his wallet's keys has been put to rest as activity on the chain indicates he made four different transactions of exactly 10,000,000,100,000 SHIB each to four different wallets. Each transaction was worth approximately $586 million, totaling about $2.3 billion.

This Shib story is both false and misleading. I explained this many months ago to whoever posted it at the time (not sure if it was you, Obsidian, or someone else).

[Theoak*]

The issue is, BTC is already at 5 digits. If it goes to 6 digits, say $100k, that's only a 2.67x from here. Someone dumping $10K in BTC now won't see life-changing gains if it goes to $100k. Let's say it goes to 7 digits, or $1 million. That's a 26.79x from here. That turns the $10K into $267,952. Still not life-changing. You can't retire on that.

Meanwhile, a Shiba Inu trader for a brief period turned a $8,000 investment into $5.7 billion! Sure, there's no way he could cash that all out. But he definitely could have cashed out millions.

https://markets.businessinsider.com/news/currencies/crypto-investor-turned-8000-into-5-billion-buying-shiba-inu-2021-10

Degens are looking for the next Shiba Inu. For a brief period that Shiba Inu trader had 3.56x Michael Saylor's net worth. All off a $8000 buy!



https://www.binance.com/en/news/top/3021725

Speculation that the trader may have lost his wallet's keys has been put to rest as activity on the chain indicates he made four different transactions of exactly 10,000,000,100,000 SHIB each to four different wallets. Each transaction was worth approximately $586 million, totaling about $2.3 billion.

Which proves my point,  people are looking for the next 10x, 100x, 1000x multiplier.


Overnight success has a 10year time frame, majority people trying to get rich off 10k in a short time frame are going to get rekt. Those that succeed will get greedy and hodl all the way up and then down.
Fresh bunch of idiots are born each cycle and that's what centralised shitcoin founders call  exit liquidity.

Life changing gains can be made in btc on a long enough time frame and decent initial investment and can be content knowing that your investment is secured in the most decentrilised and safest network in human history.

[gib]

I would say, it is correct that some people will always be tempted to take a greater risk for the chance of a huge payoff (indeed, this is the basis on which casinos and lotteries make money).

And we even see that mentality here, where some people are worried that BTC might only go up 2-3 x over the next year, vs some random shit coin.

However, as smart and rational investors - ie, those of us wanting to reliably make money on a risk / reward basis - it is important for us to note, that despite stories of individual amazing successes (lottery winners, lucky shitcoin bets etc), the ultimate long term winners are the casinos and issuers of shitcoins, and the ultimate long term losers are those who 'invest" in such (long term losing) bets.

So yes, we will always see a demand for a punt on the latest "going to the moon" shitcoin, but the long term safest and most solid bet against a declining fiat currency, is the good old Stack Sats / HODL combo. Not as exciting, but this is where the reliable long term value will accumulate and compound over time.

[gib]

The other thing I would say, is that in some ways the entire classification of Bitcoin vs alts is somewhat non-sensical.

There is only really one Bitcoin, and that is Bitcoin, (with Bitcoin being the ultimate defense against the imperfections of fiat currencies).  In that sense there is not really any "alt" to Bitcoin at all. And indeed, this is also why its rather disingenuous for promoters of alt coins to promote them as alternatives to Bitcoin. Because they are not. For anyone who does not understand the fundamental distinction between Bitcoin and "alts" (and there are still many people who don't), I would urge those people to really do their homework. Understand proof of work and why that is important. Understand decentralization, and why that is important. Understand liquidity, and why that is important. Understand why Bitcoin is a commodity, and not an unregistered security. Understand Metcalf's law, and why that is important. Understand the difference between proof of work mining, and pre-mined coins, and why that is important.

A more helpful approach would be to understand that there are a infinite number of investments which are alternatives to Bitcoin  - these include, bonds, stocks, property, venture capital, currencies, gold, art, collectables, private equity, venture capital, etc. "Alts" in the crypto sense, are in ill-defined combination of some of these qualities, represented by a token which represents a stake in the venture, albeit with huge risk and lack of investor protections compared to others types of investments.

It is also for this reason, that the entire discussion of "Bitcoin dominance" vs alts, is increasingly considered by many to be rather pointless.

[obsidian]

I would say, it is correct that some people will always be tempted to take a greater risk for the chance of a huge payoff (indeed, this is the basis on which casinos and lotteries make money).

And we even see that mentality here, where some people are worried that BTC might only go up 2-3 x over the next year, vs some random shit coin.

However, as smart and rational investors - ie, those of us wanting to reliably make money on a risk / reward basis - it is important for us to note, that despite stories of individual amazing successes (lottery winners, lucky shitcoin bets etc), the ultimate long term winners are the casinos and issuers of shitcoins, and the ultimate long term losers are those who 'invest" in such (long term losing) bets.

So yes, we will always see a demand for a punt on the latest "going to the moon" shitcoin, but the long term safest and most solid bet against a declining fiat currency, is the good old Stack Sats / HODL combo. Not as exciting, but this is where the reliable long term value will accumulate and compound over time.

Doge Coin is up more than Bitcoin over the past 3 and 5 years. That's not a short time frame. It's 35% of Bitcoin's existence. I'd be curious to see if we pan out 7 years. How do you explain that "shitcoin" out performing BTC by a few factors over such a long period?

https://coinranking.com/

3-year performance:
BTC = 106.24%
ETH = 245.33%
DOGE = 2,043.92%

5-year performance:
BTC = 362.49%
ETH = 351.84%
DOGE = 2,224,49%

The point is, yes Bitcoin made phenomenal gains since 2009. But now that it is higher priced it will take a lot more to make it go up. No way will it outperform a small cap alt in a bull run. I am not advocating for HODLING these smaller altcoins indefinitely. And I don't think I made a good decision to HODL Doge. I am still in profit regardless, but I should have sold at 70 cents. My game plan was to do that and then I had a deadline at work and was also greedy, thinking it might go all the way to $1. Oh well, not the end of the world. Lesson learned.

I agree that Bitcoin will be more stable when there is a downturn. That's why I think some alt gains should be rolled over into BTC once they have pumped sufficiently.

[gib]

Doge Coin is up more than Bitcoin over the past 3 and 5 years. That's not a short time frame. It's 35% of Bitcoin's existence. I'd be curious to see if we pan out 7 years. How do you explain that "shitcoin" out performing BTC by a few factors over such a long period?

https://coinranking.com/

3-year performance:
BTC = 106.24%
ETH = 245.33%
DOGE = 2,043.92%

5-year performance:
BTC = 362.49%
ETH = 351.84%
DOGE = 2,224,49%

No way will it outperform a small cap alt in a bull run.

Allow me to make a small correction....

"No way will it outperform a small number of small cap alts in a bull run if you happen to be lucky enough to pick the right "alt" and then both buy and sell it at the right time, and one which has sufficient liquidity such that any sale you make does not negatively impact the price."

Yes, you can make money on alts, just like you can, if you are lucky, "make money" betting on penny stocks, or punting on extreme outside favorites in horse races. However, far more people lose money in making such bets, as opposed to making money, and therein is the rub.

If it was that easy or certain, every shitcoiner would millionaires. They are not. The vast vast majority of the millionaires are those who create and/or sell you these shit coins. And the vast vast majority of shitcoiners are dirt poor, financially unsuccessful, and have not yet learned basic financial lessons which for many only come with time and experience. Don't fool yourself.

The really successful wealth creators are those who make blue-chip investments, and then compound over time. They aren't greedy, and they aren't looking for quick gains. Yet they make the most money over time than anyone else. Don't be that loser who goes to the races day in day out hoping to pick the next "big winner with big odds", yet who at the end of it all is pennyless...

I have explained in my earlier posts, very clearly, why now, more than ever, BTC has the endorsement and demand of the big players of finance. Do not be fooled by short sighted greed to see what is so obviously about to happen, and instead open your eyes to the reality of the massive opportunity right in front of you. (Right now, you still have a HUGE advantage over others. Don't squander this opportunity).

[gib]

@Mayday - just broke 38K resistance level. (Double touch blast through). Will be interesting to see if it will hold. I guess it will fluctuate around this level before eventually making a push through the 40K mark.

[Mayday]

@Mayday - just broke 38K resistance level. (Double touch blast through). Will be interesting to see if it will hold. I guess it will fluctuate around this level before eventually making a push through the 40K mark.

Yeah boi iiii/

I’ve had 42k target for a long time so we might see if hover around that area before a pullback.

I agree with you on the sentiment. Loads of people wanting out, loads just wanting their money back. I think we may get a very nice run up to the ETF approval and then it ranks as those people exit then comes back for an ATH October 2024.

Notice the DXY pulling back to 103 from 106. It’s always beneficial so if that keeps up I’d expect BtC to continue upwards, me may even see 50k before any pullback just to fuck with everyone lol 😂

For alts this will be worse than previous cycle. We had 6.5k alts in 2021 or something? Now there is over 25k and then endless NFTs which I see released everyday in my Twitter feed. It’s diluted out the ears now, time to move to BTC after this.

[Schadenfreude]

Put my car up for sale a few days ago. Just got a first offer for 44k. Seemed like one of those bottom of the barrel offers by a guy who clearly is buying to resell for profit. My goal is more like 50k and then I buy 1 bitcoin with it and keep the rest for a cheap car.

[a_pupil]

Put my car up for sale a few days ago. Just got a first offer for 44k. Seemed like one of those bottom of the barrel offers by a guy who clearly is buying to resell for profit. My goal is more like 50k and then I buy 1 bitcoin with it and keep the rest for a cheap car.

Go full degen and remortgage the house as well lol.

[unreasonablereasons]

Yeah boi iiii/

I’ve had 42k target for a long time so we might see if hover around that area before a pullback.

I agree with you on the sentiment. Loads of people wanting out, loads just wanting their money back. I think we may get a very nice run up to the ETF approval and then it ranks as those people exit then comes back for an ATH October 2024.

Notice the DXY pulling back to 103 from 106. It’s always beneficial so if that keeps up I’d expect BtC to continue upwards, me may even see 50k before any pullback just to fuck with everyone lol 😂

For alts this will be worse than previous cycle. We had 6.5k alts in 2021 or something? Now there is over 25k and then endless NFTs which I see released everyday in my Twitter feed. It’s diluted out the ears now, time to move to BTC after this.

look at that morning star bottom in the middle followed by the massive uptick---thats fap material there

[gib]

Put my car up for sale a few days ago. Just got a first offer for 44k. Seemed like one of those bottom of the barrel offers by a guy who clearly is buying to resell for profit. My goal is more like 50k and then I buy 1 bitcoin with it and keep the rest for a cheap car.

Dude congrats - that is absolutely the right thing to do. Instead of borrowing money and buying a (declining in value) car like many Americans do, you are taking some cash out of that car and securing your status as a wholecoiner (which in the future will be a fundamental marker and societal differentiator between the have's and the have not's).

Once you have that coin, do not let is go. You will see all sorts of attempts from others to separate that coin from you. Attempts to tax you, trick you in to swapping it for something else, FUD telling you its time to sell, banks offering various lending to you secured by your coin handed to them to custody, property developers offering you an apartment to be built in the future, secured by deposit of your coin, shitcoin scammers telling you they have a better coin they can give you in exchance for your bitcoin etc. HODL, and ride out the volitility along the way. Good luck!

[Schadenfreude]

Dude congrats - that is absolutely the right thing to do. Instead of borrowing money and buying a (declining in value) car like many Americans do, you are taking some cash out of that car and securing your status as a wholecoiner (which in the future will be a fundamental marker and societal differentiator between the have's and the have not's).

Once you have that coin, do not let is go. You will see all sorts of attempts from others to separate that coin from you. Attempts to tax you, trick you in to swapping it for something else, FUD telling you its time to sell, banks offering various lending to you secured by your coin handed to them to custody, property developers offering you an apartment to be built in the future, secured by deposit of your coin, shitcoin scammers telling you they have a better coin they can give you in exchance for your bitcoin etc. HODL, and ride out the volitility along the way. Good luck!

Thanks, the only thing conflicting me right now is should I wait for a better price on my car or just dump it right away at 44k like this first (presumably low ball) offer just do I can get btc faster since when btc jumps to 50k and my car still hasnt sold for the 50k I want to sell it for, I will regret. I also have 70 ounces of gold in a bank deposit box. Considered putting it into btc but just in case the unthinkable happend and btc goes to zero and gold 10xes I just dont want to risk it all.

May fortune favor us.

[Griffith]

Thanks, the only thing conflicting me right now is should I wait for a better price on my car or just dump it right away at 44k like this first (presumably low ball) offer just do I can get btc faster since when btc jumps to 50k and my car still hasnt sold for the 50k I want to sell it for, I will regret. I also have 70 ounces of gold in a bank deposit box. Considered putting it into btc but just in case the unthinkable happend and btc goes to zero and gold 10xes I just dont want to risk it all.

May fortune favor us.

BTC will likely first retest lower prices from where it is currently. Even if it still goes higher from here.

[Schadenfreude]

BTC will likely first retest lower prices from where it is currently. Even if it still goes higher from here.

yeah i think so too so i am just going to relax and sell the car for the right price

[Griffith]

I think 33-34k will be retested for BTC in the near term.

[Schadenfreude]

I think 33-34k will be retested for BTC in the near term.

And only up from there basically

[Griffith]

And only up from there basically

I wouldn't rule out 30k either.

But I do think we see previous ATH's at least reached next year.

[Theoak*]

Imagine trading this asset for a small gain only to pay 30-50% tax then degen again into gambling  when the odds are definitely staked against  you.

[gib]

Looks like 38K is building as the latest support level. Lets see if it holds next 48 hours. If so that's a petty solid new base for the next hike up.

[Schadenfreude]

Maybe I should have taken the 44k offer. Problem with used car market is that higher end used cars are somewhat of a niche.

[Schadenfreude]

I counter offered him 48k which is right in the middle of asking and bidding price