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

[gib]

Still prepared to hold it?  We need cash to pay bills, buy food, buy assets, pay for vacations, pay the mortgage on investment properties, pay for maintenance and repairs of investment properties, pay real estate attorneys, pay insurance premiums, pay taxes, pay accountants, pay property managers, etc.

BTC is not accepted for any of these, only USD.

In the US, wise and prudent investors don't keep cash just lying around doing nothing out of fear to invest it, and they certainly don't risk keeping it at home out of fear of the banking system.

Loco, you are not stupid, for sure. But what you fail to have is foresight. Try thinking a step or 2 ahead. What people really need is a medium of exchange and a store of value. Fiat currency was used as it was the least worst and most convenient of other options. Technology has now provided with us with a superior option. New technology takes time to adopt, but make no doubts about it - it's happening...

[loco]

Loco, you are not stupid, for sure. But what you fail to have is foresight. Try thinking a step or 2 ahead. What people really need is a medium of exchange and a store of value. Fiat currency was used as it was the least worst and most convenient of other options. Technology has now provided with us with a superior option. New technology takes time to adopt, but make no doubts about it - it's happening...

Sorry, but your "superior option" is not accepted.  Only good old fiat USD is accepted.

[gib]

Sorry, but your "superior option" is not accepted.  Only good old fiat USD is accepted.

You can store your wealth in Bitcoin, and then simply convert to fiat specific for a single transaction via a Bitcoin Visa card for anyone who still prefers to receive fiat as a payment instead of Sats. However, as we have already seen in various countries, when people start to lose faith in the local currency, they much prefer Bitcoin to fiat.

[loco]

You can store your wealth in Bitcoin

And then watch it plummet at random times like it has many times before?  BTC is far more volatile than USD and far more volatile than US stock index funds.

, and then simply convert to fiat specific for a single transaction via a Bitcoin Visa card

For a steep fee.  No thank you.

for anyone who still prefers to receive fiat as a payment instead of Sats. However, as we have already seen in various countries, when people start to lose faith in the local currency, they much prefer Bitcoin to fiat.

It's not a matter of preference.  My "superior" BTC is not accepted anywhere I do business and spend my money, but my "inferior" fiat USD is accepted everywhere.

[Flexacon]

You can store your wealth in Bitcoin, and then simply convert to fiat specific for a single transaction via a Bitcoin Visa card for anyone who still prefers to receive fiat as a payment instead of Sats. However, as we have already seen in various countries, when people start to lose faith in the local currency, they much prefer Bitcoin to fiat.

That's not correct. They prefer one of the USD stablecoins

Maybe in a bull market the preference switches to bitcoin, but it's just as likely they'll switch to an alt just like they did in the previous bull market.

[Griffith]

That's not correct. They prefer one of the USD stablecoins

Maybe in a bull market the preference switches to bitcoin, but it's just as likely they'll switch to an alt just like they did in the previous bull market.

Correct.

In many developing countries there are strict foreign exchange laws and it is not possible to buy foreign currency unless travelling overseas. The cheapest and easiest way to get around this is to buy stablecoins on a crypto exchange.

[gib]

Correct.

In many developing countries there are strict foreign exchange laws and it is not possible to buy foreign currency unless travelling overseas. The cheapest and easiest way to get around this is to buy stablecoins on a crypto exchange.

This, and the above comment from Flex, are partially correct. Apart from the points made, stable coins are also desired as they can easily transferred without deduction of FX commission by an intermediary. And they can help skirt FX controls. And they are seen as avoiding bank intermediary country party risk. And of course in many countries a USD stable coin will hold it value better than a local depreciating currency.

The implications for Bitcoin are of course as follows:

Once people get comfortable with wealth stored in a tokenized form, and the benefits thereof, they will look one step ahead as to which digital currency preserves value best. The USD is of course the "least worst" choice among a 200+ fiat currencies, all of which are declining in value over time. So the next logical step is to store wealth in BTC, and use stable coins for transactions, unless of course Sats are requested (which will of course happen over time, as sellers want the most valuable asset to hold in terms of wealth preservation, vs a declining currency). This will take time, but it will enviably happen as people collectively figure out the relative long term decline trend  in value of the USD vs BTC over time. And that my friends, it where the opportunity for us lies.

A smart investor always thinks a step or two ahead...

[Mayday]

Get ready boys, imminent currency collapse is now all but set to happen!

Look out below, inflation will skyrocket and QE 'till infinity.

Your cryptos will blast off soon!

"1"

Collapse to where?

Has Mr Anabolic taken over your account?

This is the YOLO I warned about.

Everyone gunna think they are front running the Fed  then the realisation will hit down the road that providing bank liquidity is not the same as $3,000/mth child rebates……

Since when does providing liquidity for treasuries= people are buying new iPads and TVs?

Deflationary event before inflationary policy. Where is the deflationary event? We haven’t had one so why are people salivating and calling for a rocket ship to the moon?

[Griffith]

This, and the above comment from Flex, are partially correct. Apart from the points made, stable coins are also desired as they can easily transferred without deduction of FX commission by an intermediary. And they can help skirt FX controls. And they are seen as avoiding bank intermediary country party risk. And of course in many countries a USD stable coin will hold it value better than a local depreciating currency.

The implications for Bitcoin are of course as follows:

Once people get comfortable with wealth stored in a tokenized form, and the benefits thereof, they will look one step ahead as to which digital currency preserves value best. The USD is of course the "least worst" choice among a 200+ fiat currencies, all of which are declining in value over time. So the next logical step is to store wealth in BTC, and use stable coins for transactions, unless of course Sats are requested (which will of course happen over time, as sellers want the most valuable asset to hold in terms of wealth preservation, vs a declining currency). This will take time, but it will enviably happen as people collectively figure out the relative long term decline trend  in value of the USD vs BTC over time. And that my friends, it where the opportunity for us lies.

A smart investor always thinks a step or two ahead...

We are correct in our statements.

The vast majority of people in developing countries want hard currencies in order to preserve their wealth and hedge against depreciating local currencies.

They cannot simply go into a foreign exchange store and buy USD, Euros, Pounds etc.

They might be able to open a foreign exchange account at certain banks, but there is a lot of red tape and conditions and the fees are high, making it impractical for most people.

Besides the black market, by far the easiest and cheapest way is on a crypto exchange.

Most are looking to preserve their savings, relative to the major currencies and maintain some purchasing power globally, instead of losing a percentage annually to local depreciation and another percentage to local inflation.

Another advantage of stablecoins for people in developing countries is that they can also earn interest, which can give them higher real interest rates compared to investing in their local banks.

And stablecoins use Etheruem.

[gib]

We are correct in our statements.

The vast majority of people in developing countries want hard currencies in order to preserve their wealth and hedge against depreciating local currencies.

They cannot simply go into a foreign exchange store and buy USD, Euros, Pounds etc.

They might be able to open a foreign exchange account at certain banks, but there is a lot of red tape and conditions and the fees are high, making it impractical for most people.

Besides the black market, by far the easiest and cheapest way is on a crypto exchange.

Most are looking to preserve their savings, relative to the major currencies and maintain some purchasing power globally, instead of losing a percentage annually to local depreciation and another percentage to local inflation.

Another advantage of stablecoins for people in developing countries is that they can also earn interest, which can give them higher real interest rates compared to investing in their local banks.

And stablecoins use Etheruem.

Partially correct. It is true that some stablecoins make use of Eth. Others such as USDT are issued on both ethereum and bitcoin blockchains. And of course we now see stablecoins issued o other blockchains suchas  Solana, and Algorand. They key thing to remember on all this is that BTC is the base layer of value.

[Griffith]

Partially correct. It is true that some stablecoins make use of Eth. Others such as USDT are issued on both ethereum and bitcoin blockchains. And of course we now see stablecoins issued o other blockchains suchas  Solana, and Algorand. They key thing to remember on all this is that BTC is the base layer of value.

Ethereum provides the majority of stablecoin supply.

Main stablecoins using Ethereum:

Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
Dai
TrueUSD

Mastercard and Visa are also planning to use USDC.

[a_pupil]

Still prepared to hold it?  We need cash to pay bills, buy food, buy assets, pay for vacations, pay the mortgage on investment properties, pay for maintenance and repairs of investment properties, pay real estate attorneys, pay insurance premiums, pay taxes, pay accountants, pay property managers, etc.

BTC is not accepted for any of these, only USD.

In the US, wise and prudent investors don't keep cash just lying around doing nothing out of fear to invest it, and they certainly don't risk keeping it at home out of fear of the banking system.

What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).

[gib]

What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).

This is an illogical, false, and irrelevant comment, which has already been explained to you many times.

Bitcoin can be exchanged for any good or service anyone is prepared to provide in return for it. So, if you take me as an example, I will take Bitcoin for anything I may wish to sell - house, car, shares, collectable items, gold, personal training advice, financial advisory services, etc.

Second, you are confusing the concepts of a day to day medium of exchange with a store of value. For example, we don't go around buying things in gold. But if we want to use gold to purchase something, we can always exchange the gold for fiat currency and then pay with that. My Bitcoin Visa card, allows me to do this seamlessly anywhere in the world that accepts Visa.

Most 200+ fiat currencies are ONLY commonly accepted in the country of issuance. (So for example, you if you tried to use a Swiss Franc in a McDonalds in USA, they would not accept it). But you could exchange that Franc for USD at the prevailing exchange rate, and then use that. Same concept with Bitcoin (only Bitcoin is already the most globally accepted international currency, or at least right up there with the USD as being accepted globally beyond country borders). 

Further, when assessing an investment, we need to look towards the future. So, if you you believe that BTC being used as a medium of exchange is correlated to its value, then you have to make a prediction on how BTC will be used in the future. Is Bitcoin the next logical step in a globally accepted currency? Will the trends we are already seeing of an increasing number of countries formally (or informally) adopting BTC as a currency continue? Will the rapid growth of the 2nd layer Lightening Network continue. Etc.

You have now been educated. Always try to think at least one (or ideally 2) steps ahead. It will do wonders for your success and serve you well both as an investor, and in life in general...

[obsidian]

Ethereum provides the majority of stablecoin supply.

Main stablecoins using Ethereum:

Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
Dai
TrueUSD

Mastercard and Visa are also planning to use USDC.

Correct. To my knowledge there are no stablecoins on the Bitcoin network.

https://cointelegraph.com/altcoins-for-beginners/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work#:~:text=For%20example%2C%20Wrapped%20Bitcoin%20(WBTC,backing%20to%20ensure%20price%20stability.

A crypto-backed stablecoin can be issued to launch one asset on a different blockchain. For example, Wrapped Bitcoin (WBTC) is a stablecoin backed by Bitcoin issued on the Ethereum blockchain.

[obsidian]

Collapse to where?

Has Mr Anabolic taken over your account?

This is the YOLO I warned about.

Everyone gunna think they are front running the Fed  then the realisation will hit down the road that providing bank liquidity is not the same as $3,000/mth child rebates……

Since when does providing liquidity for treasuries= people are buying new iPads and TVs?

Deflationary event before inflationary policy. Where is the deflationary event? We haven’t had one so why are people salivating and calling for a rocket ship to the moon?

What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...

[Mayday]

What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...

The majority are waiting for 13k, On the sidelines in cash. At 20k it was next stop 13k. At 23k it was next stop 13k. At 25k was next stop 13k. At 28k it is next stop 13k…..

A pullback to 24-26k is no problem. A run above 27k will be a problem for sidelined cash because we will run for 36k and at that point those people calling for 13k you are likely shitting themselves. That then becomes the YOLO.

I do think it’s a short lived rally BTW because crypto is trying to front run QE stimmy cheques way too early.

[dunkin donuts]

so, what's getbig's bitcoin forecast? is it heading to 50k sooner than 10k?

[IroNat]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

[gib]

It's been done with various things over the years including tulips.

...and gold. Only Bitcoin of course has properties far superior to gold...

[affeman]

...and gold. Only Bitcoin of course has properties far superior to gold...

Like what? lol

[Flexacon]

Like what? lol

You get to feel what it's like to be in a cult

[Griffith]

so, what's getbig's bitcoin forecast? is it heading to 50k sooner than 10k?

24-25k next, then over 30k.

[affeman]

You get to feel what it's like to be in a cult

 

[ROBOAK]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

WB shits on bitcoin only because its a threat to him, just like keystone....

[gib]

Like what? lol

It should be very obvious how Bitcoin is superior to gold (both as a store of value and as a medium of exchange).

The supply of Bitcoin is 100% certain. (Gold is not).
Bitcoin can be transferred globally in seconds (Gold cannot).
Gold has huge storage costs for the owner (Bitcoin does not).
Bitcoin can be divided into any transaction amount by any owner in seconds. (Gold cannot).
Gold can be confisicated at borders (Bitcoin cannot).
Gold is heavy, Very heavy is you try to carry a lot of it. (Bitcoin is not).
Gold is hard to hide if you have a lot of it. (Bitcoin is not).
Bitcoin can be used over the internet in digital transactions. (Gold cannot).
Bitcoin is integrating with the electronic banking and financial system, (Gold is not).
Bitcoin is increasingly being adopted and recognized as a currency among countries. (Gold is not).

That is not to say that gold is not a useful tool in being a store of value. Its just that Bitcoin is vastly superior on many of gold's shortcomings.