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

[Mr Anabolic]

Speaking of BTC hitting 1m, some articles of interest...

https://www.forbes.com/sites/investor/2020/06/16/bitcoin-to-1000000-might-sound-crazy-but-is-it/#4b4154bf1c59

https://www.ccn.com/bitcoin-price-could-crack-10-million-become-new-gold-standard-asset-management-firm/

https://www.crypto-guy-calls-bitcoin-biggest-trade-of-our-lifetimes/

https://markets.businessinsider.com/currencies/news/bitcoin-hit-million-five-years-ex-goldman-hedge-fund-boss-2020-10-1029682590

https://finance.yahoo.com/news/bitcoin-reach-1m-overtake-gold-111023948.html

https://www.btctimes.com/news/bitcoin-will-hit-1m-says-raoul-pal

Etc.

"But it must be true because I read it on the internets!"

All pumpers were all saying the same crap when blips were at $19K... that worked out well.

You can link 1000's of these pump pieces here... means absolutely nothing.

[Theoak*]

Theoak - you don't to apologize for holding a view on a particular topic. Any view is fine, as it contributes to a good discussion. I know where you are coming from.

What Paypal is doing is just a first step in a long plan that could play out in many ways that are positive for BTC. In the short term, clearly, exposing millions of individual Paypal payment users and companies to BTC increases BTC awareness and legitimizes it as a global digital store of value. If people start pricing goods and services in BTC, as opposed to a multitude of global currencies, its a huge mindset shift towards BTC in itself.

Second, as you know, BTC is treated by most people as a store of value (like gold back in the analogue days, only now digital). Back when the US printed money, based on an underlying gold base, most people didn't go around actually buying things in physical gold. Rather they used paper issued against that base as the trading instrument. PayPal's first steps are similar and make trading on an underlying BTC base safe and secure, in a closed-loop trading environment, backed by BTC (to the extent that you trust PayPal as a company). Now remember, there is nothing at anytime, to prevent buyers and sellers once they have met, from deciding to buy/sell offline directly using BTC. Clearly this well happen in some cases (also supportive of BTC). Over time, I expect PayPal and others will build a type of "lightening network" that allows for super-fast and super low margin transaction network built on top of BTC.

Longer-term, PayPal will likely also have a BTC exchange arm (or may simply tie up with an existing exchange via a collaborative deal, given their huge and global customer-base). They are doing the roll out slowly, and phase 1 is simply accustoming all their customers to BTC as an underlying payment option, building the BTC ecosystem. There is a huge amount of money to be made in operating an exchange, and PayPal has the resources to get there in terms of legal compliance, KYC, licensing and technical platform etc let alone being perfectly placed in terms of customer-base.

Finally, and respectfully, whether you personally get excited about the PayPal move into BTC, is largely irrelevant insofar as the adoption of BTC or its future value. What is relevant on this, is how the masses are influenced. And on that, I guarantee you the answer is that it will be positive for BTC. Lets watch the PayPal strategy play out over time. PayPal is just one of the first of many institutional players moving in - we will see more over time. Some will do it more quietly, and others more boldly, but it will happen...

.. paypal is just a lot of hype, bitcoin was primed to go up anyway, the fact it didn't crash on the Bitmex fed-controlled demolition was the big clue that it is just time.

... let's run some real numbers for the mini-minds fogged with snake-bite poison ...

Paypal usersbase 300 million? say 10-20% of those at best are grammas just itching in their panties to get hands on some paypal trading tokens, so at best maybe 60million dufus who will get sucked into this scam ... on average they'll maybe throw $1-200 at it, best case 60mill sheeple get $200 (totally hopium numbers) ... that's about $12 billion coming into bitcoin ... meh, w/e

Federal Reserve printing ~$10-15 trillion to stop rich folks feeling poorer from the plague

 ... poor sheeple got no money, that's why they call them poor.

... bitcoin adoption is about MONEY adopting bitcoin, not poor people ... sorry if that upsets your socialistic sensibilities but that's the reality on the ground, I wish poor people would wise up and buy bitcoins for real, they always choose the corporate-guvvy shackles though

Paypal CEO was talking about luvving bitcoin in 2013 ffs!, 7 years later they come up with this shit sandwich e-tokens card-collecting game (how is it not a fraud anyway?), I mean it's a total joke and you're  huffing hopium if you think this means anything in the big scheme of things.

[gib]

I agree with this. " I wish poor people would wise up and buy bitcoins for real".

Some, but not all poor people, are stupid. But I agree with you, its those with money, as always, that move in to protect their wealth from the masses, and indeed accumulate from the masses. The rich and powerful realize BTC is a means of protecting and preserving existing wealth from being stolen by Government money printing. And indeed a way of generating money on a long term societal trend. Many poor have no foresight. They are short-sighted, short-term focused, and live day to day as opposed to planning for the future (which is indeed one of the reasons they became, or remain poor). Still, everyone has a chance. Even a person working in a gas station or a McDonalds etc could put a little aside into BTC over time. Even a street vendor or factory worker in India of Africa. In the years to come, people may well look back, and either be very very pleased with their decision to buy a little over time (or deeply regret not doing it). Certainly no educated person at this time has any excuse for missing out.

[Mayday]

Huh? The fact that BTC has not hit 100K or 250K or 1m makes me a both liar and also a sociopath?

He isn't thinking straight anymore. He runs when it gets time to explain the why and how.

He is so far down the 'total world chaos' mindset that he is focusing on the belief that thousands of people organising to all come to his house so he needs 70,000 rounds to mow everybody down. It's odd.


You and i disagreed on BTC becomming a global world currency. Your comments re Paypal make sense but it sounds like Paypal want to almost own BTC by locking people down once they are in their system.

[Mr Anabolic]

He isn't thinking straight anymore. He runs when it gets time to explain the why and how.

He is so far down the 'total world chaos' mindset that he is focusing on the belief that thousands of people organising to all come to his house so he needs 70,000 rounds to mow everybody down. It's odd.

[Griffith]

I sold in early 2019 because I thought a short term extreme peak had been reached. (It was a little after the huge 2018 peak on the way down, making around 5x on my initial investment). I rebought again on the way back up. This time with the intent to hold long term. Having said that, if there was an extreme upward movement again (for example if it rallied up to 100K over the course of the next 6 months), I would likely again take some gains, not because I don't believe BTC won't keep rising long term, but rather because the rate of the accent has been excessive. But again, regardless of price, BTC has all the many benefits and qualities and hedges that I have explained in my earlier posts. For this reason it is important that everyone hold some. And that includes stubborn old men like yourself Mr A. And you know it! You may be stubborn and not man enough to admit you are wrong, but you are not that stupid. Especially when it comes to protection of wealth against "the system" and preparing for worst case scenarios. All of which makes me think you likely secretly already hold some, but refuse to admit it, possibly becoming an kind of unintentional troll in a bid to save face.

You were still recommending it's a good idea to buy just before that 'extreme peak' and that it was only going to go higher, not only in the long-term but carrying on over 19 k at that time.

[a_pupil]

You were still recommending it's a good idea to buy just before that 'extreme peak' and that it was only going to go higher, not only in the long-term but carrying on over 19 k at that time.

He'll disappear when this current pump dumps.

[Howard]

Why are they worth so much,I was offered 30 beginning of January for 15k and passed.Feel pretty stupid right now.

I'm clueless on bitcoin and was curious how anyone can cash them in?

[gib]

I'm clueless on bitcoin and was curious how anyone can cash them in?

By "Cash them in", do you mean sell in return for cash? If so, the answer is simple. You transfer any portion of the bitcoin you have and wish to sell, to someone who wishes to buy that amount. In exchange, they give you a mutually agreed amount in cash (and whatever currency you agree upon) in return. Just like how you would sell gold, or how you would convert any other type of currency or asset into cash.

[Howard]

By "Cash them in", do you mean sell in return for cash? If so, the answer is simple. You transfer any portion of the bitcoin you have and wish to sell, to someone who wishes to buy that amount. In exchange, they give you a mutually agreed amount in cash (and whatever currency you agree upon) in return. Just like how you would sell gold, or how you would convert any other type of currency or asset into cash.

Thanks for the reply, but I figured that already. I can walk into a local pawn shop and cash in gold or silver coins.
LOL, I can't walk onto a car lot and pay for it via direct transfer of bitcoin to the dealer.

I read from a variety of finance sources that banks won't accept bitcoin as a legit form of currency.
I don't know of anyone that used bitcoin to pay for a home mortgage.
Looks kinda shady to me.

[Mr Anabolic]

Thanks for the reply, but I figured that already. I can walk into a local pawn shop and cash in gold or silver coins.
LOL, I can't walk onto a car lot and pay for it via direct transfer of bitcoin to the dealer.

I read from a variety of finance sources that banks won't accept bitcoin as a legit form of currency.
I don't know of anyone that used bitcoin to pay for a home mortgage.
Looks kinda shady to me.

Blips are a trading/gambling vehicle... nothing more.  It pumps, then it dumps.   

Go back and read this thread from the beginning and what our resident bliptard was claiming... pure nonsense.

[Howard]

Blips are a trading/gambling vehicle... nothing more.  It pumps, then it dumps.   

Go back and read this thread from the beginning and what our resident bliptard was claiming... pure nonsense.

Exactly!

"Owning" someone on getbig won't add real money to your bank account.

[Mayday]

I read from a variety of finance sources that banks won't accept bitcoin as a legit form of currency.
I don't know of anyone that used bitcoin to pay for a home mortgage.
Looks kinda shady to me.

It is currency on the black market but it ends there pretty much.  I have paid for my gear in BTC for many years.

For 95% of other holders it is speculative.

There will be many pump and dumps due to it trying to expand it's market penetration.

Gib ate a lot of shit in his other thread. BTC did crash but he still made 5x his initial investment.

I bumped this thread back at the start of corona and said it will go on a run and i was in. I said it would outstrip stocks and gold due to it's volatility and newness in the market. Gold keeps banging it's banging it's head on the ceiling because there is no real inflation (despite many here disagreeing) and i have been right about gold. Stocks are kept afloat by QE and the market is nervous as QE has just blown up the financial metrics (i can expand on that if someone wants).

Crtypo meanwhile 80% gains....... 

[Mr Anabolic]

It is currency on the black market but it ends there pretty much.  I have paid for my gear in BTC for many years.

For 95% of other holders it is speculative.

There will be many pump and dumps due to it trying to expand it's market penetration.

Gib ate a lot of shit in his other thread. BTC did crash but he still made 5x his initial investment.

I bumped this thread back at the start of corona and said it will go on a run and i was in. I said it would outstrip stocks and gold due to it's volatility and newness in the market. Gold keeps banging it's banging it's head on the ceiling because there is no real inflation (despite many here disagreeing) and i have been right about gold. Stocks are kept afloat by QE and the market is nervous as QE has just blown up the financial metrics (i can expand on that if someone wants).

Crtypo meanwhile 80% gains.......

 

Blips have more in common with a casino game than anything else. 

They're 70-80% correlated to the overall stock market movement.

Yes, there is inflation.  Government inflation numbers conveniently leave out food and energy...  the things people need the most.  Food "shrink-flation" is a real thing.   

What world are you living in?  Take off your blindfold.

[Howard]

 

Blips have more in common with a casino game than anything else. 

They're 70-80% correlated to the overall stock market movement.

Yes, there is inflation.  Government inflation numbers conveniently leave out food and energy...  the things people need the most.  Food "shrink-flation" is a real thing.   

What world are you living in?  Take off your blindfold.

I spent 30 yrs putting  $$ in the bond market and blended funds  . I have a secure monthly retirement supplement now.
Trust me, I'm no investment expert and used a mainstream investment firm.
I don't understand how digging into esoteric financial theories , helps the avg person invest.

FYI, Bitcoin sounds more like playing Fantasy Football on Draft kings, then a legit investment tool.

[gib]

 

They're 70-80% correlated to the overall stock market movement.

Yes, there is inflation.  Government inflation numbers conveniently leave out food and energy...  the things people need the most.  Food "shrink-flation" is a real thing.   

Lol wait what? BTC is positively correlated with the overall stock market? The same market, which over time has continuously moved UPWARDS OVER TIME, is positively correlated with an asset that you have continuously, wrongly, predicted would DECLINE AND BECOME WORTHLESS)? Maybe we are making some slight progress with you after all...

And yet a further irony is that you get, and indeed are extremely conscious of devaluation of currencies caused by inflation. Hence your strong preference for gold and silver (both of which have been massively out-performed as a store of value and hedge against inflation by bitcoin). This is a self owning by BTC against your own preferred assets:) Don't get angry at blips got doing that. It is what it is. They do what they do.

[gib]

I spent 30 yrs putting  $$ in the bond market and blended funds  . I have a secure monthly retirement supplement now.
Trust me, I'm no investment expert and used a mainstream investment firm.
I don't understand how digging into esoteric financial theories , helps the avg person invest.

FYI, Bitcoin sounds more like playing Fantasy Football on Draft kings, then a legit investment tool.

Howard, I am not sure of your age, but I can tell you for a whole generation under 40, putting faith in a yellow metal, or an "investment advisor firm", or even money in a bank controlled by 3rd parties, (as apposed to a digital and immutable ledger of mutually agreed value), sounds far more unusual (not to mention risky, impractical, outmoded, and inconvenient).

I will make a numbered summary of all the key points that I have explained in this thread at some point, which I will then post from time to time with a numeric guide to answering common questions or areas of confusion. Just no time right now to do this.

But again, if you care about your future, I urge you to put a little money now towards BTC and hold forever. Its your chance to capture and preserve a store of value, which may be hugely beneficial to you in the future if certain scenarios play out.

[Mayday]

 

Blips have more in common with a casino game than anything else. 

They're 70-80% correlated to the overall stock market movement.

Yes, there is inflation.  Government inflation numbers conveniently leave out food and energy...  the things people need the most.  Food "shrink-flation" is a real thing.   

What world are you living in?  Take off your blindfold.

CPI includes food and energy, the things people need the most. A whopping 1.7% year ending September for the US so fuck knows where your imaginary inflation is coming from for food and energy.

The CPI metric is correct and you are wrong.

Interest rates going down, gold has even stalled and you still argue inflation is rampant and everything is rigged because you are so wrong about it all lol. 

 I give you a 10/10 for going full retard though which is a pretty good rating.

[gib]

CPI includes food and energy, the things people need the most. A whopping 1.7% year ending September for the US so fuck knows where your imaginary inflation is coming from for food and energy.

The CPI metric is correct and you are wrong.

Interest rates going down, gold has even stalled and you still argue inflation is rampant and everything is rigged because you are so wrong about it all lol. 

 I give you a 10/10 for going full retard though which is a pretty good rating.

I wonder if you guys might be actually arguing about something you are actually both somewhat in agreement with. Here's my take:

Currently many things are becoming cheaper, both to increased efficiencies in production and manufacturing, logistics, energy etc, Food, electronic items, cars, transport, clothes, beverages, music, literary works, shoes, etc all are cheaper in real terms. Enhanced even more so by the short term deflationary effect of covid (which reduces demand more then supply and hence reduces price). AT THE SAME TIME, we are seeing increased creation of money, and likely much more than what is needed to offset deflation in the long term. That, combined with an ever flattening yield curve and longer term super low interest rates has had an inflationary effect on income producing asset prices, particularly real estate and stocks, (as the rate of risk free return investors are prepared to accept has increasingly fallen, meaning the that "P" of the PE of such assets rises when compared to the "E", especially when there is more money than ever chasing a yield. Other "stores of value," though not income producing, such as art, old, and Bitcoin are also positively impacted as there is now less of a need to show a return on such assets given the almost zero return on cash, particularly when the value of cash is being eroded every second over time due to money printing.

[a_pupil]

I spent 30 yrs putting  $$ in the bond market and blended funds  . I have a secure monthly retirement supplement now.
Trust me, I'm no investment expert and used a mainstream investment firm.
I don't understand how digging into esoteric financial theories , helps the avg person invest.

FYI, Bitcoin sounds more like playing Fantasy Football on Draft kings, then a legit investment tool.

Whenever you ask a cryptocel to explain the point of crypto, and why it's not gambling, the reply can normally be summed up with the following gif:

[Humble Narcissist]

Gambling, crypto currencies, stock market, commodities market and sports betting are all speculation.  It's all the same except for the time it takes to collect or lose the money invested.

[polychronopolous]

Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank


Avanti Financial’s banking charter was approved unanimously by the Wyoming State Banking Board on Wednesday, becoming the second newly chartered bank in the state in 2020 after Kraken Financial earned approval last month.

Avanti, like Kraken, now has to jump through a few hoops – like raising more capital – before it can be granted a certificate of authority to operate.

“Kraken definitely captured attention, but now that there’s a second one chartered it’s no longer a one-off situation and a trend is in motion,” Long told CoinDesk in an email.

Along with the charter approval, the banking board approved Avanti’s future issuance of Avit, a programmable electronic currency that’s redeemable at par with a U.S. dollar. The Avit is not a security token, meaning it is not a digital representation of an investment that’s expected to generate returns.



https://www.coindesk.com/avanti-financial-joins-kraken-as-a-wyoming-approved-crypto-bank

[Vince G, CSN MFT]

Another one of your million dollar ventures.

It sure as hell isn't mine.   You can sign up for Freebay at no cost and start doing business with bitcoin and cryptocurrency along with tools to trade them.   Whether someone signs up or not, no money comes out of my pocket other than the domain names that I paid a lousy 6 dollars for.   I'm only saying it since you guys are talking about it but not doing anything about it.   

I started this a long time ago and I profited hugely off it and it allowed me to escape Sylva and pay off my debts.   Now there is the NEW v999 and g999 coins you can get ahold of so again I'll provide you with my 6 dollar domain, www.ourmoneyisgold.info.   If you have no intention of trading and buying bitcoin and cryptocurrency like I do, you can at least promote the business and make some money

[Mayday]

I wonder if you guys might be actually arguing about something you are actually both somewhat in agreement with.

If you ignored how the monetary system functions and flow on impacts and simply said 'inflation will cause consumer prices to rise' well then sure.......

However, doing that which is what Anabolic does, means you have NFI how to predict what lies ahead because you ignore the underlying mechanics.

This is why Anabolic, along with the majority of the population (he isn't alone) believes QE is the death.   However someone like myself with an understanding of how it works knows the switch to debt 40yrs ago was the death march and that QE will be the bailout.

You wind up with 2 extremely different predictions.
 Anabolic says the USD dies next year and the US will sink alone. He stopped predicting gold values when i pointed out gold hitting a ceiling and it'd bounce around for a while.

My predictikn was crypto would outstrip metals and stocks. More importantly i was able to outline the functional reasons why......And here we are with crypto up almost 100%. I say 2021 runs deficits in the realm of the 70s and 80s with 15%-25% increase in currency to keep the money supply afloat. Once afloat, we will see what their next step is.

[Theoak*]

If you ignored how the monetary system functions and flow on impacts and simply said 'inflation will cause consumer prices to rise' well then sure.......

However, doing that which is what Anabolic does, means you have NFI how to predict what lies ahead because you ignore the underlying mechanics.

This is why Anabolic, along with the majority of the population (he isn't alone) believes QE is the death.   However someone like myself with an understanding of how it works knows the switch to debt 40yrs ago was the death march and that QE will be the bailout.

You wind up with 2 extremely different predictions.
 Anabolic says the USD dies next year and the US will sink alone. He stopped predicting gold values when i pointed out gold hitting a ceiling and it'd bounce around for a while.

My predictikn was crypto would outstrip metals and stocks. More importantly i was able to outline the functional reasons why......And here we are with crypto up almost 100%. I say 2021 runs deficits in the realm of the 70s and 80s with 15%-25% increase in currency to keep the money supply afloat. Once afloat, we will see what their next step is.

There's two types of inflation, the usual asset price and product price inflation due to monetary expansion, currency holders grumble but put up with the hidden tax. The far more devastating "loss of confidence in the currency" inflation -> hyperinflation, currency holders begin to exit, when holders of the currency begin exiting the remaining holders have to take the hit of all the accumulated inflation that was just dumped by the exiters

As unbelievable as it sounds the US$ is definitely starting to feel some of the effects of the latter. Microstrategy is putting reserves into BTC precisely for these stated reasons, and they are the in the vanguard.

Hyperbitcoinisation is now becoming a distinct possibility.