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

[el numero uno]

Yes that was indeed the purpose of the thread. That, and me doing my duty to help push up the price (which of course is what every holder of a non yielding asset should be doing).

Everyone on Getbig knows you really believed the hype.

Don't try to act like you always knew what you were doing. 

[El Diablo Blanco]

Bitcoin was a classic pump and dump scheme.

[el numero uno]

This is entirely correct. As to what it’s value will be, that is not possible to determine. It could be 1k, 10k, 100k or even 1m. But yes, either way it will still be around. And yes primarily as a store of value.

Hahahahahaha

I just read one of your posts where you claim the purpose of this thread was to help push up the price (which is of course, bullshit), and your next post is this gem.

At 1 million per bitcoin, the market cap should be 17.56 trillion dollars. The market cap currently is 66 billion.

Tell us, where are the 17.49 trillion needed coming from?

[Slapper]

One of the little secrets of BTC is that is unconfiscatable, which is bull shit because the government came either raid or close down the exchanges and then those holding the currency will be holding a currency that is losing value AND purpose. Don't get me wrong, it won't loose all its value but it will be as valuable as kiddy porn is to pedophiles, meaning a minute minority of individuals.

The most delusional comment of all is that it is going to replace gold. If this isn't a red flag, I don't know what is a red flag.

[SOMEPARTS]

All of the big banks are currently working on AI for their various customer interface platforms as well as in house crypto.

To answer the question about where all the money would come from for BTC to become 17 trillion...if you recall the first thing you heard in the early days was that crypto was anonymous, fair and that it would bust the big banking system. It was to siphon all liquidity/value out of existing markets and start a new paradigm where the code was a third party check against corruption and fraud. What was not taken into account is human nature. The same human nature that created the current banking system got into crypto. Same as it ever was. Money operates the same as the law of the jungle.

[obsidian]

Hahahahahaha

I just read one of your posts where you claim the purpose of this thread was to help push up the price (which is of course, bullshit), and your next post is this gem.

At 1 million per bitcoin, the market cap should be 17.56 trillion dollars. The market cap currently is 66 billion.

Tell us, where are the 17.49 trillion needed coming from?

That's 920 times the GDP of the U.S., and 218 times the GDP of the entire world.

You are an idiot who has no idea of what he's doing.

You are of course assuming the dollar will not lose value. Does goods at the grocery store cost more or less today than they did 10 years ago? All fiat currencies will eventually lose their value in buying terms.

Bitcoin is a finite supply. And if someone dies and takes their wallet keys with them to their grave then those bitcoins are lost. If you're alive and you forget your passwords or wallet address the BTC is gone. So over time the finite supply of BTC is going to reduce even further. That will drive up cost. Human nature will also play a role. The longer it is used and the more people become invested in it the less likely chance it will fail. Because there would be too many people that care about it's value.

I don't own any BTC but this is just an observation I am making. I am more interested in the other alt coins that are lower priced at the moment.

[obsidian]

All of the big banks are currently working on AI for their various customer interface platforms as well as in house crypto.

To answer the question about where all the money would come from for BTC to become 17 trillion...if you recall the first thing you heard in the early days was that crypto was anonymous, fair and that it would bust the big banking system. It was to siphon all liquidity/value out of existing markets and start a new paradigm where the code was a third party check against corruption and fraud. What was not taken into account is human nature. The same human nature that created the current banking system got into crypto. Same as it ever was. Money operates the same as the law of the jungle.

Yes like JP Morgan with their JPM Coin. But it will be used in house. A platform like XRP could serve as a middle man between banks. You think other banks are going to trust JP Morgan? The whole point of a blockchain is that it is decentralized and transparent. Will JP Morgan's crypto coin transactions be viewable by the public?

If anything JPM Coin and other bank coins might drive up the cost of other crypto coins because it legitimizes the technology in a sense.

[gib]

One of the little secrets of BTC is that is unconfiscatable, which is bull shit because the government came either raid or close down the exchanges and then those holding the currency will be holding a currency that is losing value AND purpose. Don't get me wrong, it won't loose all its value but it will be as valuable as kiddy porn is to pedophiles, meaning a minute minority of individuals.

The most delusional comment of all is that it is going to replace gold. If this isn't a red flag, I don't know what is a red flag.

Most people don’t keep their BTC on exchanges. Rather they hold in cold storage.

Secondly, gold is actually far more at risk of confiscations, as it is a physical asset. Indeed this has happened in the past. Learn your American history ...

[Wiggs]

     JPM Coin will be used to digitally launder money. Other big banks can create their own coins doing what JPM does. Poor Ripple would be the coin of the banks that don't want to or can't afford to create their coin. This could be a VHS vs Beta Max situation. If just JPM hops on, it will lose.  If other banks join and create their own coin, that doesn't bode well for Ripple.

[Strubbbbs]

It's not about "money". The reason that neither Bitcoin nor any other bullshit will replace money is because it's not about money. It's about wealth and who actually owns things like land, minerals, oil, power etc. Money is just a way for the plebs like us to gawk at and think - Holy shit those people are rich. The "money" just quantifies their wealth in simplistic terms.

To all the retards who think bitcoin or some other fucking electron based display on your monitor will usurp power from the hands of those who presently hold it because their "money" will become worthless.... you are iincredibly naive. The people at the top .00000001% who actually hold and maintain power don't fucking need money. The money is just a way of keeping score. Its just a symbol of their wealth. If Bitcoin or some other thing ACTUALLY threatened their hold on power, do you think they would simply shrug their shoulders and say " Oh well, those geeky computer geniuses really got us good".

Fuck some people are stupid. It's not about money or currency. Us Plebs use that to make our lives function. The ones with most money are trading and dealing in power and control on national and global scales.

And as for anonymous and hidden identities and secret accounts because of encryption and other fucking nonesense - wake up. If your hidden its only because youre insignificant and a threat to no one. Do you honestly think that if the "anonymous super secret holders" of Bitcoin were actually a blip on the radar of people with real power, that they would remain hidden? You can only hide on planet earth. You'd be fucked. Either through legislation or confiscation or straight up made to disappear overnight.

Anyway, rant over. Fuck off.

[jr]

Hahahahahaha

I just read one of your posts where you claim the purpose of this thread was to help push up the price (which is of course, bullshit), and your next post is this gem.

At 1 million per bitcoin, the market cap should be 17.56 trillion dollars. The market cap currently is 66 billion.

Tell us, where are the 17.49 trillion needed coming from?

You don't need 17,49 trillion dollars to go in to increase the market cap to 17.56 trillion dollars.

For example I could make a cryptocurrency which has 17 trillion coins, and I sell the first coin to you for $1, then the market cap of my cryptocurrency is 17 trillion dollars, then you can sell it to someone else for $2 and now the market cap is 35 trillion dollars. This is why there was such huge valuations of worthless alt coins during the bubble, and many have lost 99% of their value since.

"According to JPM, only 2 billion dollars entered Bitcoin in 2017 => $2 billion propelled bitcoin's market cap from $15 billion in Jan/1/2017 to $250 billion by year end."

[gib]

You don't need 17,49 trillion dollars to go in to increase the market cap to 17.56 trillion dollars.

For example I could make a cryptocurrency which has 17 trillion coins, and I sell the first coin to you for $1, then the market cap of my cryptocurrency is 17 trillion dollars, then you can sell it to someone else for $2 and now the market cap is 35 trillion dollars. This is why there was such huge valuations of worthless alt coins during the bubble, and many have lost 99% of their value since.

"According to JPM, only 2 billion dollars entered Bitcoin in 2017 => $2 billion propelled bitcoin's market cap from $15 billion in Jan/1/2017 to $250 billion by year end."

Correct:) This is indeed exactly what happened. (The challange of a creator of such currencies being how to release and sell of portions of what they hold (“cashing in”) without crashing the market.

[obsidian]

You don't need 17,49 trillion dollars to go in to increase the market cap to 17.56 trillion dollars.

For example I could make a cryptocurrency which has 17 trillion coins, and I sell the first coin to you for $1, then the market cap of my cryptocurrency is 17 trillion dollars, then you can sell it to someone else for $2 and now the market cap is 35 trillion dollars. This is why there was such huge valuations of worthless alt coins during the bubble, and many have lost 99% of their value since.

"According to JPM, only 2 billion dollars entered Bitcoin in 2017 => $2 billion propelled bitcoin's market cap from $15 billion in Jan/1/2017 to $250 billion by year end."

Sure, but the statement that the market cap of BTC would have to be in the trillions if 1 BTC = $1 million is correct.

There will be a maximum of 21 million bitcoins.

If 1 Bitcoin = $1 million then 21 million bitcoins have a market cap of $21 trillion. Of course some of those bitcoins will be lost so the market cap when 1 btc = $1 million will be less than $21 trillion.

1 million = 1,000,000
21 million BTC = 21 x 1,000,000 = 21,000,000 BTC

21,000,000 BTC x $1,000,000 = $21,000,000,000,000

1 billion dollars = 1,000 x $1,000,000 = $1,000,000,000

$21,000,000,000,000 / 1000,000,000 =  $21,000 billion

1 trillion dollars = 1,000 billion dollars

$21,000 billion / 1,000 = 21 trillion dollars

https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

[obsidian]

Correct:) This is indeed exactly what happened. (The challange of a creator of such currencies being how to release and sell of portions of what they hold (“cashing in”) without crashing the market.

Any market in the world would crash if everyone sold their portions in a short period of time. The whole economy is a pyramid scheme in that sense. That is why there are safety checks in place and the stock market for example will close for the day to let people cool off if it falls too much.

The markets did not collapse completely in 2009. A total collapse imo would be when the DOW is at ZERO. They were able to stop the decline at about 6,500 if I recall. Had they not intervened who knows how low it would have gone. Chaos would definitely have set in as much as I hate  to admit it. The crypto market crashed in 2018 more than the stock market did percentage wise in 2009. It will be interesting to see where we end in 1-2 years.

[obsidian]

Hahahahahaha

I just read one of your posts where you claim the purpose of this thread was to help push up the price (which is of course, bullshit), and your next post is this gem.

At 1 million per bitcoin, the market cap should be 17.56 trillion dollars. The market cap currently is 66 billion.

Tell us, where are the 17.49 trillion needed coming from?

US debt is currently at $22 trillion.

Even when bitcoin is worth zero it still is worth more than the US debit which is at negative 22 trillion dollars!

So maybe this is not unrealistic to expect a market cap for crypto currencies in the trillions of dollars?

[obsidian]

It's not about "money". The reason that neither Bitcoin nor any other bullshit will replace money is because it's not about money. It's about wealth and who actually owns things like land, minerals, oil, power etc. Money is just a way for the plebs like us to gawk at and think - Holy shit those people are rich. The "money" just quantifies their wealth in simplistic terms.

To all the retards who think bitcoin or some other fucking electron based display on your monitor will usurp power from the hands of those who presently hold it because their "money" will become worthless.... you are iincredibly naive. The people at the top .00000001% who actually hold and maintain power don't fucking need money. The money is just a way of keeping score. Its just a symbol of their wealth. If Bitcoin or some other thing ACTUALLY threatened their hold on power, do you think they would simply shrug their shoulders and say " Oh well, those geeky computer geniuses really got us good".

Fuck some people are stupid. It's not about money or currency. Us Plebs use that to make our lives function. The ones with most money are trading and dealing in power and control on national and global scales.

And as for anonymous and hidden identities and secret accounts because of encryption and other fucking nonesense - wake up. If your hidden its only because youre insignificant and a threat to no one. Do you honestly think that if the "anonymous super secret holders" of Bitcoin were actually a blip on the radar of people with real power, that they would remain hidden? You can only hide on planet earth. You'd be fucked. Either through legislation or confiscation or straight up made to disappear overnight.

Anyway, rant over. Fuck off.

Money is used as a medium of transfer and to quantify wealth. If a wealthy individual that does not need money decides to sell an expensive piece of property to someone else they will use some from of money transfer to quantify the value of the property. So yes the wealthy need money just like anyone else. Maybe they will accept a case of diamonds for the property but I doubt it. The money will be wired electronically from accounts. But it is still money whether it is in dollars, pounds, euros etc. When they then decide to buy stocks the stocks value are also pegged to a currency (money).

[Slapper]

Most people don’t keep their BTC on exchanges. Rather they hold in cold storage.

Secondly, gold is actually far more at risk of confiscations, as it is a physical asset. Indeed this has happened in the past. Learn your American history ...

Dude, that “most people” hold their coins in cold storage is so NOT true it isn’t even funny. Conventional brokerage houses  are currently working on developing fractional capacity in order to take business away from crypto exchanges. Most people are currently holding franctions in an exchange. The biggest holders are the ones holding their coins in cold storage, but they are a minority. If the US government wants to confiscate all BTc, there is nothing you or I can do. The big holders will be able to keep their coins, but outside of that crypto small circle, BTC will lose its transactional value, meaning people will lose faith in it and abandon the currencies.

They’ve done it with gold in the past and they will do it with BTC once the debt crisis explodes.

[Mr Anabolic]

Blips and cryptos are worthless digital vaporware.  You diehard, myopic crypto devotees are in la-la land.  

[Mr Anabolic]

Correct:) This is indeed exactly what happened. (The challange of a creator of such currencies being how to release and sell of portions of what they hold (“cashing in”) without crashing the market.

Oh STFU.  No one is listening to or cares what you think.  Lying, pumping POS that you are.  

[Griffith]

It's not about "money". The reason that neither Bitcoin nor any other bullshit will replace money is because it's not about money. It's about wealth and who actually owns things like land, minerals, oil, power etc. Money is just a way for the plebs like us to gawk at and think - Holy shit those people are rich. The "money" just quantifies their wealth in simplistic terms.

To all the retards who think bitcoin or some other fucking electron based display on your monitor will usurp power from the hands of those who presently hold it because their "money" will become worthless.... you are iincredibly naive. The people at the top .00000001% who actually hold and maintain power don't fucking need money. The money is just a way of keeping score. Its just a symbol of their wealth. If Bitcoin or some other thing ACTUALLY threatened their hold on power, do you think they would simply shrug their shoulders and say " Oh well, those geeky computer geniuses really got us good".

Fuck some people are stupid. It's not about money or currency. Us Plebs use that to make our lives function. The ones with most money are trading and dealing in power and control on national and global scales.

And as for anonymous and hidden identities and secret accounts because of encryption and other fucking nonesense - wake up. If your hidden its only because youre insignificant and a threat to no one. Do you honestly think that if the "anonymous super secret holders" of Bitcoin were actually a blip on the radar of people with real power, that they would remain hidden? You can only hide on planet earth. You'd be fucked. Either through legislation or confiscation or straight up made to disappear overnight.

Anyway, rant over. Fuck off.

Exactly.

Those bits and bytes are worth nothing and not linked to anything tangible.

A 'fiat' currency is represented by paper but it's still linked to an entire economy of a country: its means of production, industries, services, trade, labour, stability, minerals, resources etc.

Currency basically represents the stock value of a country.

[gib]

Dude, that “most people” hold their coins in cold storage is so NOT true it isn’t even funny. Conventional brokerage houses  are currently working on developing fractional capacity in order to take business away from crypto exchanges. Most people are currently holding franctions in an exchange. The biggest holders are the ones holding their coins in cold storage, but they are a minority. If the US government wants to confiscate all BTc, there is nothing you or I can do. The big holders will be able to keep their coins, but outside of that crypto small circle, BTC will lose its transactional value, meaning people will lose faith in it and abandon the currencies.

They’ve done it with gold in the past and they will do it with BTC once the debt crisis explodes.

I’m not sure what the exact % of BTC is held in cold storage but I would think it’s the vast majority of total supply. You are probably right though that the vast portion of that group is a small number of individual “whales”. High net worth people, private funds, investment banks and possibly some countries (China, USA, North Korea). And then yes a much larger group of people in the millions holding fractional amounts on exchanges. I always held mine offline except for some shrapnel in the few thousands accessible from my mobile phone anywhere in the world in an instant in case need for emergency purposes.

[gib]

Oh STFU.  No one is listening to or cares what you think.  Lying, pumping POS that you are.  

Thank you for your contribution. I am glad you are still here and engaged, and bitter as ever.

I am preparing for a nice rebuttal for you, but you will need to wait a little.

In the meantime, don’t forget who started this thread.

Oh and US stock markets up again today. (Part of my rebuttal will contain references to the many many years you have predicted that US stocks will fall, only to be wrong, and the many many years you have predicted gold to rise (only to be wrong). Anyhow stay tuned. It’s going to be fun (and hopefully also educational).

[Strubbbbs]

Exactly.

Those bits and bytes are worth nothing and not linked to anything tangible.

A 'fiat' currency is represented by paper but it's still linked to an entire economy of a country: its means of production, industries, services, trade, labour, stability, minerals, resources etc.

Currency basically represents the stock value of a country.

Thank you. My point exactly.

[Griffith]

Thank you for your contribution. I am glad you are still here and engaged, and bitter as ever.

I am preparing for a nice rebuttal for you, but you will need to wait a little.

In the meantime, don’t forget who started this thread.

Oh and US stock markets up again today. (Part of my rebuttal will contain references to the many many years you have predicted that US stocks will fall, only to be wrong, and the many many years you have predicted gold to rise (only to be wrong). Anyhow stay tuned. It’s going to be fun (and hopefully also educational).

You have lost all credibility.

No one will believe or trust anything you say.

You claim you were bullshitting the whole time in this thread, and arguing only for personal convenience and not objectively.

There's no reason to believe your current behaviour will be any different.

People now consider everything you say as BS just to suit yourself at a specific time, and then flip-flop and change 'opinion' again when its suits you best.

[LurkerNoMore]

So which crypto thingy is the one to start purchasing now?  or have they all jumped the shark.