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

[Griffith]

Bitcoin under 38K again.

Will be interesting to see what happens tomorrow with the CME launch of Ethereum.

[Bindare_Dundat]

Bitcoin under 38K again.

Will be interesting to see what happens tomorrow with the CME launch of Ethereum.

Some cashing out on Eth as well. I expect it will all be scooped.up the next day and back to climbing up. 

[obsidian]

Nobody talking about Doge? You can make quite a bit of money if you play the pump right! Celebs and Elon want to shoot it to the moon! Lots of people will buy into it I think.

[obsidian]

Some cashing out on Eth as well. I expect it will all be scooped.up the next day and back to climbing up.

They are selling ETH and BTC for Dogecoin right now. Doge has a Super Bowl add. Expect it to pump for a while.

[Bindare_Dundat]

Nobody talking about Doge? You can make quite a bit of money if you play the pump right! Celebs and Elon want to shoot it to the moon! Lots of people will buy into it I think.

Its a useless meme.coin that is only.a pump and dump.  No thanks

[SOMEPARTS]

Its a useless meme.coin that is only.a pump and dump.  No thanks

The irony. 

[gib]

I think Ethereum has a lot of upside movement. I would take profits at a much higher price point. It will come down when it hits peak. The tricky part is to try and sell at the top so you can ride it down and get more at the bottom.

https://bitcoinist.com/economist-ethereum-to-repeat-bitcoin-rally-to-20k-according-to-metcalfes-law/

https://bitcoinist.com/bitcoin-fractal-suggests-ethereum-will-soon-see-large-leg-higher/

Metcalfe's law
Metcalfe's law states that the effect of a telecommunications network is proportional to the square of the number of connected users of the system. First formulated in this form by George Gilder in 1993, and attributed to Robert Metcalfe in regard to Ethernet, Metcalfe's law was originally presented, c. 1980, not in terms of users, but rather of "compatible communicating devices". Only later with the globalization of the Internet did this law carry over to users and networks as its original intent was to describe Ethernet purchases and connections.

It's very easy to get caught  in hype.

Eth is at the end of the day essentially a free platform. "Metcalf's law does not necessarily give something that is essentially free, anything of tradable economic value).

In my view its simple. Bitcoin which is truly limited in supply, and has been adopted globally as a store of value. Various apps that build on the Bitcoin base layer will come and go, and will be pumped and dumped. But even for those that actually have utility, their lack of scarcity and infinite market demand to efficiency, mean that their functionality will over time essentially be free. Good recent examples are ChainLink and Uniswap.

BTC will always be digital gold. And just like gold, all sorts of businesses were built on top of gold (be it jeweler's, pawn brokers, physical storage solutions, online trading platforms, etc), End of the day, non of the business built on top of gold were limited in supply and hence over time become incredibly competitive.

That is not to say though, that in the short term they cannot have speculative value. If you can time it right, or get in early, once can make money. But I would never hold any alt long term.

[Bindare_Dundat]

It's very easy to get caught  in hype.

Eth is at the end of the day essentially a free platform. "Metcalf's law does not necessarily give something that is essentially free, anything of tradable economic value).

In my view its simple. Bitcoin which is truly limited in supply, and has been adopted globally as a store of value. Various apps that build on the Bitcoin base layer will come and go, and will be pumped and dumped. But even for those that actually have utility, their lack of scarcity and infinite market demand to efficiency, mean that their functionality will over time essentially be free. Good recent examples are ChainLink and Uniswap.

BTC will always be digital gold. And just like gold, all sorts of businesses were built on top of gold (be it jeweler's, pawn brokers, physical storage solutions, online trading platforms, etc), End of the day, non of the business built on top of gold were limited in supply and hence over time become incredibly competitive.

That is not to say though, that in the short term they cannot have speculative value. If you can time it right, or get in early, once can make money. But I would never hold any alt long term.

I think that's the general consensus. 

[obsidian]

Its a useless meme.coin that is only.a pump and dump.  No thanks

I made more than $12,000 buying Doge low and selling at a higher price.

[obsidian]

It's very easy to get caught  in hype.

Eth is at the end of the day essentially a free platform. "Metcalf's law does not necessarily give something that is essentially free, anything of tradable economic value).

In my view its simple. Bitcoin which is truly limited in supply, and has been adopted globally as a store of value. Various apps that build on the Bitcoin base layer will come and go, and will be pumped and dumped. But even for those that actually have utility, their lack of scarcity and infinite market demand to efficiency, mean that their functionality will over time essentially be free. Good recent examples are ChainLink and Uniswap.

BTC will always be digital gold. And just like gold, all sorts of businesses were built on top of gold (be it jeweler's, pawn brokers, physical storage solutions, online trading platforms, etc), End of the day, non of the business built on top of gold were limited in supply and hence over time become incredibly competitive.

That is not to say though, that in the short term they cannot have speculative value. If you can time it right, or get in early, once can make money. But I would never hold any alt long term.

What do you mean it is a free platform? How is Bitcoin any different? Ethereum is not free. There are fees to send it around. Electrical and equipment costs are involved to keep it running 24/7. Just like Bitcoin.

Ethereum might very well exceed Bitcoin's market cap one day.

If Bitcoin is Digital Gold then Ethereum could be seen as Digital Oil.

I am not getting into Bitcoin right now because I don't like the price entry point and the exchange rate with Ethereum. It needs to improve before I become interested in it.

Per Coinranking.com:

In the past year Ethereum's MC is up 613.17%
In the past year Bitcoin's MC is up 290.42%

5 years ago Ethereum was $3.76

5 years ago Bitcoin was $375.32

Ethereum's 5 year gain as of today:

$1,588 / $3.76 = 422 times or 42,234 %

Bitcoin's 5 year gain as of today:

$38,230 / $ 375.32 = 101.85 times or 10,185 %

So in the past 5 years Ethereum's price has increased 4 times more than Bitcoin.

If you invested $10,000 in Bitcoin 5 years ago you would now have $1,018,500

If you invested $10,000 in Ethereum 5 years ago you would now have $4,220,000

That's a 5 year history. Go look at the charts for yourself. And this is based on current prices and not factoring in Ethereum's recent ATH of about $1,760.

[gib]

What do you mean it is a free platform? How is Bitcoin any different? Ethereum is not free. There are fees to send it around. Electrical and equipment costs are involved to keep it running 24/7. Just like Bitcoin.

Ethereum might very well exceed Bitcoin's market cap one day.

If Bitcoin is Digital Gold then Ethereum could be seen as Digital Oil.

I am not getting into Bitcoin right now because I don't like the price entry point and the exchange rate with Ethereum. It needs to improve before I become interested in it.

Per Coinranking.com:

In the past year Ethereum's MC is up 613.17%
In the past year Bitcoin's MC is up 290.42%

5 years ago Ethereum was $3.76

5 years ago Bitcoin was $375.32

Ethereum's 5 year gain as of today:

$1,588 / $3.76 = 422 times or 42,234 %

Bitcoin's 5 year gain as of today:

$38,230 / $ 375.32 = 101.85 times or 10,185 %

So in the past 5 years Ethereum's price has increased 4 times more than Bitcoin.

If you invested $10,000 in Bitcoin 5 years ago you would now have $1,018,500

If you invested $10,000 in Ethereum 5 years ago you would now have $4,220,000

That's a 5 year history. Go look at the charts for yourself. And this is based on current prices and not factoring in Ethereum's recent ATH of about $1,760.

Eth is not limited in supply. And for it to succeed it needs to be abundant. Eth facilitates transactions. Its a protocol, not a store of value (or at least was not intended as being one).

"If Bitcoin is Digital Gold then Ethereum could be seen as Digital Oil" - yes true, although that "oil" may be come as abundant as air - indeed it has to for Eth is to ever be broadly adopted. Indeed this was Vatalik's vision. He wanted to solve a problem, not have the eth be used as a speculative commodity. And if there is any significant cost involved, it inherently defeats the entire purpose of Eth, (and then alternatives will of course be used, driving costs of any such functionality down to basically zero).

As for "relative performance", the stats you have posted are correct, although basically nonsense if intended to show that eth might be a good future investment. I can create an alt in minutes with a market cap of .$0001, sell it to another person for $100. That would show "amazing growth", such growth neither would indicate any inherent value or utility of either the coin itself, or any long term future pricing. I can also point to a host of "alts" that have outperformed BTC, most no-one has every heard of and/or which will fade away in the future).

The lower the market cap, the easier it is to show "growth'. But make no doubts it - BTC is the core store of value. Speculative money will flow back and forth from BTC and various alts, but overall all this money in the crypto ecosystem will revert to BTC as the base value.

[Griffith]

Ethereum is the platform and Ether is the currency for that platform.

It is not ‘free’.

Ethereum is already used by several large banks, financial institutions and companies. Central banks have also shown interest in using it for their central bank digital currency. China’s ‘digital silk road’ already uses Ethereum.

Metcalfe’s law definitely does apply here as the network expands and Ethereum is already accepted as the platform for decentralized finance (defi) and all stablecoins are created using Ethereum.

[Bindare_Dundat]

I made more than $12,000 buying Doge low and selling at a higher price.

And many individuals made money off gamestop stock until they didn't. Good to hear itnworked out for.you, but I'm not interested in things that are based 100% on nothing but hype.  Thats just me.

[pellius]

I made more than $12,000 buying Doge low and selling at a higher price.

How do you buy Doge or other cryptos. It seems I can only buy BTC on Cash App. I can also buy any other stock like Apple, Amazon, FedEx... but not any crypto. I like Cash App because they make it so easy.

[gib]

How do you buy Doge or other cryptos. It seems I can only buy BTC on Cash App. I can also buy any other stock like Apple, Amazon, FedEx... but not any crypto. I like Cash App because they make it so easy.

Pellious - no offence intended, but you are of a category that needs to keep it very simple. BUY Bitcoin. HODL.

Don't buy crypto kitties, doggies, Oxs. Don't buy anything that sounds like the name of a planet in the solar system.

Simple.

Trust me. Follow this simply advice. You will thank me.

[gib]

Ethereum is the platform and Ether is the currency for that platform.

It is not ‘free’.

Ethereum is already used by several large banks, financial institutions and companies. Central banks have also shown interest in using it for their central bank digital currency. China’s ‘digital silk road’ already uses Ethereum.

Metcalfe’s law definitely does apply here as the network expands and Ethereum is already accepted as the platform for decentralized finance (defi) and all stablecoins are created using Ethereum.

If Ethereum ends up succeeding it follows that it will also become essentially worthless. I suggest you read Ethereum’s value proposition, as in the original whitepaper on ethereum.org as follows:

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

Note that there is no value proposition for ETH in the official description.

Yes, one could argue that Eth "fees" equate to "gas" - ie - the Ethereum network is like a shared car, and when a contract wants to be driven by the shared car, the car uses up fuel, which you have to pay the driver for. (How much gas money you owe depends on how far you had to be driven, and how much you have made use of the car etc). However, there is no hard requirement in the Etherium platform for "Gas" to actually be present or "consumed" in an Ethereum smart contract.

If all the applications and their transactions can run without ETH, there’s no reason for ETH to be valuable unless the miners collectively enforce some sort of requirement for users to pay in ETH. And if that were to happen, replacing ETH with a more efficient solution would be the inevitable result. And this would be to the disadvantage to existing ETH holders in terms of Eth having any value. Hence the ultimate conclusion to a "valueless" yes widely used protocol.

Again, that it not to mean that Eth (or any alt) can have a short term speculative value. And it also certainly means we will eventually see apps built on the Eth protocol.

[Griffith]

https://www.coindesk.com/institutional-investors-ether-rally

More Institutional Investors Are Buying Ether, Seeing It as a Store of Value

The ether rally appears to be more organic and driven from within the crypto industry.

Ether’s latest rally to all-time highs appears to be driven, in part, by the sort of institutional investors who piled into bitcoin in 2020 for its digital gold narrative.

More institutional investors are seeing ether as a store of value, according to Coinbase’s annual review for 2020. The crypto exchange noticed “a growing number” of its institutional clients have taken positions in ether, the native currency of the Ethereum network, for its strong returns. These clients predominantly bought bitcoin in 2020.

“The case for owning ethereum [ether] we hear most frequently from our clients is a combination of, first, its evolving potential as a store of value and, second, its status as a digital commodity that is required to power transactions on its network,” according to the report.

[Theoak*]

Tesla bought $1.5B bitcoin.

[gib]

Tesla bought $1.5B bitcoin.

Yep. Poor poor old Mr Anabolic...

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html?

[Bindare_Dundat]

Wwwhhhooooaaa

[gib]

The price of BTC is now around 10x what it was when we started this thread.

Poor poor old Mr Anabolic with his silver and cans of tuna...

[Theoak*]

Yep. Poor poor old Mr Anabolic...

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html?

 

Mr A will internally combust  once amazon,apple facebook, google and the other power houses release their balance sheets  with btc included.

[Bindare_Dundat]

 

Mr A will internally combust  once amazon,apple facebook, google and the other power houses release their balance sheets  with btc included.

[FitnessFrenzy]

$ 43,043.04

[Army of One]

tesla also accepting it as payment for their cars.