The Bubbly Bitcoin Thread -- Merged Threads

[markyh]

14 minutes ago, dugsbody said:

I don't understand the dislike for challenger coins. I own no Nano and don't push it, but from everything I've read it seems to do the job of a cryptocurrency far better than bitcoin.

If we're really interested in disrupting the status quo of money, why not push for something that has a chance of doing it? Bitcoin in its current technical form has no chance. 

This is a hypothetical question by the way. I know the answer is that most people don't care about disrupting the status quo of money, they just want to get rich and cash out to fiat eventually.

Not a Nano hater, but I also don’t own any, I just like winding Narco up because he believes Nano will overtake bitcoin. Can you go to Wholefoods and buy food with Nano? Not with converting to BTC first.

And for the record is $1200 BTC possible again? Yes, but highly unlikely, $1 is possible just as $200k is, and BTC has more chance of passing $20k than reaching $1200.

[goldbug9999]

2 hours ago, dugsbody said:

I don't understand the dislike for challenger coins.

Theres enough coins that we could have a different one every day for over 5 years, fantastic idea.

[bobbo]

3 hours ago, scottbeard said:

The same 'turd' that's still up 40% in the last fortnight...? ?

No asset could ever be expected to rise in value every single week.

How about a bank account that compounds weekly.

[GreenDevil]

https://cryptodaily.co.uk/2019/05/flash-crash-bitcoin-starts-to-sink-once-more

Flash crash cause by a 5000 BTC sell.

Edited May 17, 2019 by GreenDevil

[scottbeard]

50 minutes ago, bobbo said:

How about a bank account that compounds weekly.

Haha well I guess so - I kind of meant return-seeking assets (as in, assets where you're expecting returns as compensation for risk being taken) rather than cash.

[longgone]

3 hours ago, markyh said:

Not a Nano hater, but I also don’t own any, I just like winding Narco up because he believes Nano will overtake bitcoin. Can you go to Wholefoods and buy food with Nano? Not with converting to BTC first.

And for the record is $1200 BTC possible again? Yes, but highly unlikely, $1 is possible just as $200k is, and BTC has more chance of passing $20k than reaching $1200.

i will think long and hard about investing if it dips to that. 

[markyh]

1 hour ago, bobbo said:

How about a bank account that compounds weekly.

"net of inflation".  Your FIAT cash may compound be it is still losing money relative to inflation every week.

[scottbeard]

48 minutes ago, markyh said:

"net of inflation".  Your FIAT cash may compound be it is still losing money relative to inflation every week.

That is also very true.  The two things you can be 100% certain of are that:

- your bank account balance will keep going up

- the amount of stuff you can actually buy with the balance will keep going down

[longgone]

59 minutes ago, scottbeard said:

That is also very true.  The two things you can be 100% certain of are that:

- your bank account balance will keep going up

- the amount of stuff you can actually buy with the balance will keep going down

depends what you are buying really there are plenty things cheaper now than a couple of years ago. 

[markyh]

3 hours ago, longgone said:

depends what you are buying really there are plenty things cheaper now than a couple of years ago. 

That you need more than one of? Not many things. My whole adult life I have been a hifi and home cinema buff. 90% of my equipment changes have been due to technology advances rather than dropping prices. My current 55" OLED 4k 3D Dolby Vision TV doesn't don't any basic things that a 2nd hand 42" Hitachi 720p flat screen did in 2006.  But a 55" 1080p Smart TV in 2006 would have cost about 10k , I paid 1500 for my 2017 TV brand new as Currys excess stock via Richer Sounds. Did I need it? No. the 47" 1080p 3D TV it replaced was fine, but I just wanted it.

Do I need another cheaper 4k Bluray player than the one I got in 2017? Nope, I still  have the 1080p bluray player it replaced and the DVD player that replaced, and the High end Sony VCR that replaced. 

Sure if you want to replace electronics like for like year on year it gets cheaper and cheaper, but staples such as food, Shelter and clothing keep going up and up, as does transportation costs. 

Back in 2007 you could easily early book a adult direct 12 hr return flight to Cape Town SA for 300 quid in the BA January sale. Now you will struggle to get a 2 change Emerites 20hr return flight for 800 quid. Over double the cost in a decade as we haven't been since 2017.

[longgone]

3 hours ago, markyh said:

That you need more than one of? Not many things. My whole adult life I have been a hifi and home cinema buff. 90% of my equipment changes have been due to technology advances rather than dropping prices. My current 55" OLED 4k 3D Dolby Vision TV doesn't don't any basic things that a 2nd hand 42" Hitachi 720p flat screen did in 2006.  But a 55" 1080p Smart TV in 2006 would have cost about 10k , I paid 1500 for my 2017 TV brand new as Currys excess stock via Richer Sounds. Did I need it? No. the 47" 1080p 3D TV it replaced was fine, but I just wanted it.

Do I need another cheaper 4k Bluray player than the one I got in 2017? Nope, I still  have the 1080p bluray player it replaced and the DVD player that replaced, and the High end Sony VCR that replaced. 

Sure if you want to replace electronics like for like year on year it gets cheaper and cheaper, but staples such as food, Shelter and clothing keep going up and up, as does transportation costs. 

Back in 2007 you could easily early book a adult direct 12 hr return flight to Cape Town SA for 300 quid in the BA January sale. Now you will struggle to get a 2 change Emerites 20hr return flight for 800 quid. Over double the cost in a decade as we haven't been since 2017.

Electronics are much cheaper apart from rip off flagship phones.  My pioneer 43" plasma was 5-6k in 2003 my 65" oled Panasonic was only 1400 however I never pay retail for anything. Clothes are cheap if you buy clever I buy lots of Timberland stuff for not much more than Primark prices. Food is not that much if you buy clever again. Cars are initally expensive however depreciation is for more than it used to be so a nearly new car is not much more than prices 15 years back. I have bought 3 brand new cars and the latest one was most well specced and cost less than the same car 14 years after the first.  

2003 I flew to NYC for 170 now it's just over 200 not much more. Air fares are down to route competition 

Housing as we know is rigged inflation or no inflation.

[markyh]

On 17/05/2019 at 07:07, narco said:

Looks like this turd is printing a shooting star on the weekly ready for the final flush. Now at $7200.

Anyone buying the 'dip' ?

I think you are seeing things. No shooting star on the weekly and what dip? That was what we call a whale blip. ?

[markyh]

I like this fact, 

There is only 0.00272 BTC for every human on Earth. If you HODL 0.28 BTC, that puts you in the 1%. Hodling 1 BTC means you own 357 times as much as the there is for the average person. 

So if you Hodl 8 or more, you are on the 1% of the 1%.  Comforting.

[narco]

On 19/05/2019 at 11:27, markyh said:

So if you Hodl 8 or more, you are on the 1% of the 1%.  Comforting.

Well let's hope you feel just as comforted when it's down at sub $1,300. 

[jiltedjen]

One year to the halving! golden 12 months ahead. 

economy looks to be extremely slowly rolling into a recession also, so plenty of big meaty lumps of QE and heavy duty monetary policy. 

all that freshly printed money will be seeking a rising asset class. 

[bobbo]

3 hours ago, jiltedjen said:

One year to the halving! golden 12 months ahead. 

economy looks to be extremely slowly rolling into a recession also, so plenty of big meaty lumps of QE and heavy duty monetary policy. 

all that freshly printed money will be seeking a rising asset class. 

My money is on all asset classes taking a hit and reward returning to genuinely productive labour.

[markyh]

2 hours ago, bobbo said:

My money is on all asset classes taking a hit and reward returning to genuinely productive labour.

nah it'll be the trickle down, the Citidels will need lots of minimum wage workers.

[jiltedjen]

20 hours ago, bobbo said:

My money is on all asset classes taking a hit and reward returning to genuinely productive labour.

That’s what I hoped and dreamed for years ago, that the world would suddenly become fair a the productive would be rewarded.

the most productive getting the nicest houses. 

instead it didn’t happen, the full weight of government policy and central bank policy was behind the status quo. the corruption continues. 

after seeing how far they would go I realised fiat would always be thrown under the bus, assets would keep rising. 

there is only one way to break the wheel. 

[longgone]

it`s always wise to have a varied investment portfolio. 

that`s why i only put 85k into per institution. 

i can see over priced assets returning to their real values property gold and well crypto what value does that have intrinsically LOL. 

gold is good for manufacturing electronics and bling, houses are good to live in what can you do with crypto  apart from take space up on the usb stick. 

[scottbeard]

29 minutes ago, longgone said:

i can see over priced assets returning to their real values property gold and well crypto what value does that have intrinsically LOL. 

gold is good for manufacturing electronics and bling, houses are good to live in what can you do with crypto  apart from take space up on the usb stick. 

Nil

But it could go to a very, very high price before it goes to Nil

Worth a little bit of a punt surely?  That's the attitude I take.

In my view it's a punt and nothing more - we're not all going to be buying crisps from the corner shop with bitcoin.  But it now feels almost certain to me that the previous high of $20k will be overtaken at some point, so buying a bit now at $8k (or at least holding it) seems worth doing for the next 5-10 years, even if in 50-100 years' time it will be worth zero.

[longgone]

5 minutes ago, scottbeard said:

Nil

But it could go to a very, very high price before it goes to Nil

Worth a little bit of a punt surely?  That's the attitude I take.

In my view it's a punt and nothing more - we're not all going to be buying crisps from the corner shop with bitcoin.  But it now feels almost certain to me that the previous high of $20k will be overtaken at some point, so buying a bit now at $8k (or at least holding it) seems worth doing for the next 5-10 years, even if in 50-100 years' time it will be worth zero.

To be fair to these guys it probably will go up again like the way it went up before with MEDIA and VI pushing it up.  Trouble is none of them will cash out so what does it matter.  There is no store of wealth there not long term anyway. 

It`s just a drawn out in play bet on the longest horse race in the world. 

a punt yes but not at the price now, surely to gain maximum profit the VI`s will manipulate the price to virtually nothing  pic up the scare sells then whack it back up. 

i would be up for that scenario. ? needs to be life changing to me not i buy a grand worth and it goes up to 10k

 

[markyh]

36 minutes ago, longgone said:

 

a punt yes but not at the price now, surely to gain maximum profit the VI`s will manipulate the price to virtually nothing  pic up the scare sells then whack it back up. 

i would be up for that scenario. ? needs to be life changing to me not i buy a grand worth and it goes up to 10k

 

Ah yes the no-coiners dream solution, then VI's will drive it back down to $100 before then pushing it up to $100k plus, so all those that didn't take any risk and were wrong and two to three parabolic cycles can get back in again and profit. 

Good luck, the boat has sailed, doubt we will ever see below $3k again.

[longgone]

7 minutes ago, markyh said:

 

Good luck, the boat has sailed, doubt we will ever see below $3k again.

possibly the same as seeing 20k again. who knows. 

[markyh]

48 minutes ago, longgone said:

possibly the same as seeing 20k again. who knows. 

True, to be fair.

[dannyf]

3 hours ago, longgone said:

what can you do with crypto  apart from take space up on the usb stick. 

Send money across the world directly peer to peer without relying on a centralised third party.

Store money yourself digitally without relying on a centralised third party.

Be sure that your money cannot be inflated beyond the predetermined rules of the protocol next time the governments of the world hit a financial crisis.

And these are the basics. I’m not even going into the possibilities with smart contracts, multi-sig, or concepts like tracking real life ownership with certain coins, etc.

To me, that doesn’t translate to a value of nil. But it’s not decided by us. We can only wait and see what value the market places on it.