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

[Flexacon]

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

Don't have a price forecast, but I got DXY lows for the year in mid/late April, stocks markets peaking in May and tech earnings then crashing everything. I would expect for the most part that BTC will follow. So bitcoin mini cycle top in May followed by a June low

[obsidian]

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.

What Buffett forgets is there are many BTC holders that will never offer Bitcoin to him for $25. They simply won't sell. Does he not understand the basics of how these assets are priced?

[obsidian]

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.

Buffett made his money precisely because he bought stocks based on optimism that someone else will be paying more for it in the future than he paid for it when he acquire the stock. He is a fucking hypocrite.

[Mayday]

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

CEO of Bitcoin himself.

[gib]

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 calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.

So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.

[Flexacon]

WB calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.

So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.

It's not gonna replace anything or change the world, that's just a maxi narrative. It's just gonna be another tool used in finance. You'll have various players in finance buying (through etfs) when they want to go super risk on and it will be the first thing they'll dump when they smell any trouble. No different really from what's been happening for a while.

Anyway a bunch of institutions are buying BTC big right now (US government is also selling silk rd BTC) but they don't plan on holding for long. The face ripper both up and then down should be fun. I'm on Link.

[gib]

It's not gonna replace anything or change the world, that's just a maxi narrative. It's just gonna be another tool used in finance. You'll have various players in finance buying (through etfs) when they want to go super risk on and it will be the first thing they'll dump when they smell any trouble. No different really from what's been happening for a while.

Anyway a bunch of institutions are buying BTC big right now (US government is also selling silk rd BTC) but they don't plan on holding for long. The face ripper both up and then down should be fun. I'm on Link.

It already (obviously) is replacing various other stores of value. BTC also ROSE during each incident of banking risk, so it can clearly function as a RISK OFF asset during times of crisis.

Any sharp downward movement is of course fun and welcomed by anyone looking to acquire BTC for the long term.

[dunkin donuts]

BTC is like gold in the sense that both are potentially worthless. Gold seems much harder to sell at the right time though

[Flexacon]

It already (obviously) is replacing various other stores of value. BTC also ROSE during each incident of banking risk, so it can clearly function as a RISK OFF asset during times of crisis.

Any sharp downward movement is of course fun and welcomed by anyone looking to acquire BTC for the long term.

No the price of bitcoin went DOWN on news of SVB/banking risks. Btc was actually heading for a crash, but news of the emergency liquidity backstop caused price to rise again as the really smart ones knew straight away it was RISK ON time again. The not so smart ones started buying later as they thought it was QE time again.

Once the backstop was announced any banking risk was contained. From there on only bank shareholders could get hurt. It's been RISK ON ever since (but it won't be for long) You knew all this already though.

[affeman]

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). Yeah but BTC is nothing so the supply of nothing is 100% certain
Bitcoin can be transferred globally in seconds (Gold cannot). But you're transferring nothing
Gold has huge storage costs for the owner (Bitcoin does not). But with BTC you're storing nothing so of course it doesn't have huge storage costs
Bitcoin can be divided into any transaction amount by any owner in seconds. (Gold cannot). Sure it can be divided, but you're dividing nothing so who f*ing cares? lol
Gold can be confisicated at borders (Bitcoin cannot). BTC obviously can't be confiscated cause you can't confiscate nothing
Gold is heavy, Very heavy is you try to carry a lot of it. (Bitcoin is not). BTC is nothing so obviously it's not that heavy lol
Gold is hard to hide if you have a lot of it. (Bitcoin is not). BTC is nothing so it's easy to hide, I give you that
Bitcoin can be used over the internet in digital transactions. (Gold cannot). Yeah, but you're using nothing so who cares?
Bitcoin is integrating with the electronic banking and financial system, (Gold is not). Is it? In El Salvador maybe...lol
Bitcoin is increasingly being adopted and recognized as a currency among countries. (Gold is not). Is it? In El Salvador maybe...lol

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.

Hope this helps

[IroNat]

I see no problem with taking a position in crypto.

Since it is high risk you should keep a small position relative to your more traditional investments.

[dunkin donuts]

I placed an order for 1 bitcoin at 25k, I will let you know when the order is filled, that will be the top signal and it will then go to to absolutely zero

[IroNat]

I placed an order for 1 bitcoin at 25k, I will let you know when the order is filled, that will be the top signal and it will then go to to absolutely zero

We are the sheep.

The sheep always move together at the wrong time.

We don't have the inside intel like the players.

That's why you go with index funds. 

[dunkin donuts]

We are the sheep.

The sheep always move together at the wrong time.

We don't have the inside intel like the players.

That's why you go with index funds.

whatever i do always fails, it's weird since whatever i dont do always wins
maybe going all in on scotch is the best idea

[Mayday]

I placed an order for 1 bitcoin at 25k, I will let you know when the order is filled, that will be the top signal and it will then go to to absolutely zero

Dunkin price indicator

[dunkin donuts]

Dunkin price indicator

i also went big on gold this year, so it's probably going to take massive losses

[Flexacon]

One of the more credible guys (cobie) on crypto twitter is saying there is an "Interpol Red Notice for CZ". Do with that what you will. I know what I'm doing..

[Mayday]

One of the more credible guys (cobie) on crypto twitter is saying there is an "Interpol Red Notice for CZ". Do with that what you will. I know what I'm doing..

Saw that aswell through credible channels.

CZ is in Hong Kong currently so if true nothing is going to happen unless he leaves I guess 

A pullback is expected anyway so this could also just be FUD to blame the pullback on as someone dumps size behind a headline.

COIN starting to look like an opportunity if they become the sole US exchange.

[Flexacon]

Saw that aswell through credible channels.

CZ is in Hong Kong currently so if true nothing is going to happen unless he leaves I guess 

A pullback is expected anyway so this could also just be FUD to blame the pullback on as someone dumps size behind a headline.

COIN starting to look like an opportunity if they become the sole US exchange.

Looks like you might be right, strange though that BTC still hasn't fully recovered after the pullback but ETH has.

Might still take a $coin position for the next month or 2 anyway.

[obsidian]

Nice to see BTC hit 30k again.

ETH would have been a lot higher if it was not for that greasy cockroach Gensler. And of course people are banking on an ETH sell-off after the Shanghai upgrade. This could happen, however, I think it will correct itself after the initial selling action stops. Will be interesting to see how much ETH is burned in the process.

[Mayday]

Nice to see BTC hit 30k again.

ETH would have been a lot higher if it was not for that greasy cockroach Gensler. And of course people are banking on an ETH sell-off after the Shanghai upgrade. This could happen, however, I think it will correct itself after the initial selling action stops. Will be interesting to see how much ETH is burned in the process.

They ran the stops of all the short positions. My feed was filled with shorter at 28.5k.

Might see a pullback before another leg. May Fed meeting is important.

[dunkin donuts]

I cancelled my buy order for 1 btc at 25k because I fear it will crash to 15k again or lower. So basically get ready for 1 million dollar btc because I am always wrong

[gib]

1 million per BTC is very likely to occur. How long it takes to get there depends on rate of adoption and speed of USD money printing.

As Mr Anabolic used to say, "First $100,000, then a million"...

[Theoak*]

1 million per BTC is very likely to occur. How long it takes to get there depends on rate of adoption and speed of USD money printing.

As Mr Anabolic used to say, "First $100,000, then a million"...

 It's either btc goes to 0 or 1million and if it goes to 1million, it's going a lot higher.

[gib]

Could easily get to 10k per coin by year end. We are far from the point where he average man in the street is buying. It's still really geeks and bankers (and a few getbiggers). But just imagine when this goes mainstream.

Nice quote from Gib circa 2017...