The Bubbly Bitcoin Thread -- Merged Threads

[Jonesy74]

10 hours ago, goldbug9999 said:

Updated beginners guide to facile bitcoin comments.

Some good contributions recently, keep em coming.

• Its like myspace waiting for facebook
• Its tulips all over again
• This/these other coins have better tech
• "they" wont let it happen
• No intrinsic value
• No valuation fundamentals 
• Its too volatile to be a currency
• Blockchain, not bitcoin
• It uses too much energy
• Everyone will suddenly come to their senses
• Central banks will issue their own digital currency
• Someone might hack it

Love it.

What has this thread descended into lately. Where did all these nutcases come from all of a sudden?

[jiltedjen]

there is a lot of jealously. also to have people repeatedly say to buy for years, and you ignore them must feel pretty bad, the greatest opportunity of this generation and you can’t even claim ignorance like most of the populace. 

it was always sensible and prudent to own even a small amount of bitcoin in a diversified portfolio, that’s what I did and it will soon pay off my mortgage. 

not owning any bitcoin was reckless, lazy and ignorant, it’s as simple as that.

the same people who rail against the government for propping house prices up are also foaming at the mouth that ‘they will tax it or ban it’, that only comes through as jealously 

Over the years I have seen doubters buy in, rock solid gold bugs start to understand it and buy in, everyone is doing just fine, apart from alt coin investors who dropped off the thread in shame, or the nocoiners who are seeing the endless values erosion of their fiat 

It’s real money people on this thread are making 6 figures in some cases. that’s years of work saved, years of packing your sandwich box and trudging to work in the rain saved, it’s more time with kids and to look after your old relatives. 

Bitcoiners here do brag, but we are making a mint, we are winning, we have seen out the dips several times over knowing it will come back stronger and it always has and always will until it reaches a stable level after all this value discovery is done with (could take 30 years) 

almost through the entire existence of this thread it’s been true Bitcoiners drowned out by haters, ignorant thick boomers, alt investors etc, only recently are the Bitcoiners starting to actually cut through the trolls, but I guess arguing with Bitcoiners being 100% right 100% of the time for years is getting harder to argue against 

the haters arguments are just worn out disproven memes now, no new arguments have come out.

it’s great to make a list, it’s neat and can be thrown in anyone’s face who things they are making a clever point when it’s just the same old rubbish. 

the amount of times I heard the ‘it’s MySpace to be replaced with Facebook’ haha bloody morons! 

 

 

Edited January 14, 2021 by jiltedjen

[Denseharry]

Its good to have opposing views.

I think the exuberance of bitcoiners exhorting people to buy can seem like financial advice which aligns with self interest.

Speaking of state power, nobody has mentioned Switzerlands national humiliation in being forced to giving up banking secrecy law. A sovereign country! Its delusion to think the plug cant be pulled on Crypto if it becomes a nuisance or threat. Sure it maybe convertible in some basket case currency, probably in exchange for a passport

But all the same, good luck.

[jiltedjen]

I can’t see regulation as a bad thing. it’s just part of becoming a mainstream value store. 

must just part of collecting taxes. 

central banks are adopting their own crypto as the technology is sound and clever and efficient, and it will serve their purposes better than paper fiat, it means much more accurate air-drops and stimulus, it means easier tracking and zero tax avoidance. it means easier to inflate at will. 

Bitcoin does not work against central banks goals in that respect, for them having a value store outside of their system is brilliant, and it only acts to increase the destruction of fiat value, which is there one and only goal. 

a they couldn’t let gold be the vehicle for accelerated fiat destruction as it’s too geo-political, it would give too much power to negative countries will melodious intent who hoarded it, and they could not stomach that, bitcoin however is scattered to the four winds, generally it’s concentrated in wealthy countries (capitalistic countries) not communistic countries. Bitcoin fits the bill for a value store perfectly.

they can tax it also. they can always have some faith retained in fiat by pegging it to bitcoin minus an inflation rate if they ever needed. 

I honestly think there is a diffidence between trying to get people into a short term pyramid scheme to people who genuinely believe in the potential of bitcoin as gold 2.0. 

yes it does help the long term holders but it’s a drop on the ocean, I’m not going to make any additional gains talking about bitcoin or encouraging a few people on HPC to buy, if I was that driven by that I would never stop talking about it at work or with friends, but I don’t as they need to make their own choices. 

on here it’s a private train of thought that cannot generally be shared with the general populace in real life, same as talking about house price falls, I don’t think bitcoiners are interested in dragging other people into it, more showing their belief in the tech and the context of the world in which that tech is coming into, it is game changing, it’s a new paradigm, it’s fascinating. 

It’s sensible to own a little of all assets in a diversified portfolio, I mean I 100% thing the world is going to end up with buckets of inflation but I still own thousands in bonds. 

sometimes it pays to bet against your convictions for the ‘just incase I’m wrong about this’ aspect in life. 

it’s very hard to argue that everyone should hold a small amount of bitcoin just in case. the no-coiners can’t argue against that, just rabbits stuck in the headlights of history changing around them. 

[MonsieurCopperCrutch]

6 hours ago, longgone said:

Do you honestly believe they are going to let crypto gains off the hook ?  

0% of the public will complain as they think it`s ******** anyway, if i was in power i would charge the whole mess of UK covid debt to crypto if i could.  who`s going to complain some saddo with a usb stick he paid $10 bucks for 1000 bitcoins in 2012 ?

make the ones with the quietest voices pay, they cannot tax the working mans income anymore it has to be assets next, its luxury money not necessary money.  

What are you waffling about now buddy? Crypto gainz are not off the hook, as you have to pay CGT. You know... just like any other asset. 

[MonsieurCopperCrutch]

6 hours ago, Buffer Bear said:

🤣

 

Thanks @Buffer Bear for the great links there. 

[Chunketh]

42 minutes ago, jiltedjen said:

it’s very hard to argue that everyone should hold a small amount of bitcoin just in case. the no-coiners can’t argue against that, just rabbits stuck in the headlights of history changing around them. 

It's a sound argument. Jumping aboard right now seems rather daft though. I would want to see a year of it being floored at this price point or a massive drop before committing up to 2%. 

At that level I would consider it a fair sized gamble, for reference I would never go more than 4% in any one company. My problem would be when to rebalance.

The other problem is online sentiment. Some people are just so cocksure about this, to the point of semi religious fervour that my internal scam alarm is constantly going off.

[jiltedjen]

35 minutes ago, Chunketh said:

It's a sound argument. Jumping aboard right now seems rather daft though. I would want to see a year of it being floored at this price point or a massive drop before committing up to 2%. 

At that level I would consider it a fair sized gamble, for reference I would never go more than 4% in any one company. My problem would be when to rebalance.

The other problem is online sentiment. Some people are just so cocksure about this, to the point of semi religious fervour that my internal scam alarm is constantly going off.

or just dollar cost average over say 5 years. Which if it seems like a massive bubble to you right now just do an autobuy a week for £5 then when this bursts you will be spending most of your investment time investing in the lows instead of the highs.

For me £15 invested in 2013 is going to change my life 10 years later, i can see the same happening for investors today in 15-20 years

 

[markyh]

9 hours ago, warpig said:

...but it's coming to every westernised country, you can't stop it. The FED and the BOE are developing their own... I understand about the control element of it, especially in China, but... my question is... is this THE Chinese crypto or is this just a test run... if it's THE Chinese crypto and they'll eventually become a significant financial services world power - surely it's a good idea to get some now as an investment for the future. Especially as their 5G IoT behavioural technology won't reach our shores and there's no incentive to deactivating a westerners wallet. Surely it's worth a punt at that price - don't you think?

It’s a FIAT stablecoin? There will never be a fixed supply. How will you ever make money in something they can inflate at will? This is FIAT crypto, not decentralised Crypto. 

[goldbug9999]

2 hours ago, Denseharry said:

Its good to have opposing views.

I think the exuberance of bitcoiners exhorting people to buy ....

I'm pretty sure I've never exhorted anyone to buy bitcoin even once on the 7 years I've contributed this thread. I'e only ever argued against specific points made by detractors.

Edited January 14, 2021 by goldbug9999

[MonsieurCopperCrutch]

Decided to mess around this morning with some data to chart the average UK house price in Bitcoin (BTC):

[scottbeard]

13 hours ago, Chunketh said:

It's your total certainty thats amusing.

Cult like thinking comes to mind.

You seem equally certain of the opposite though, it has to be said...your posts don't say "there is a risk of XXX", you just say "SELL NOW!!!"

[MonsieurCopperCrutch]

1 minute ago, scottbeard said:

You seem equally certain of the opposite though, it has to be said...your posts don't say "there is a risk of XXX", you just say "SELL NOW!!!"

All these kindly souls are very, very concerned for strangers finanical well-being, especially when it comes to Bitcoin.

Hmm I wonder why... 🤔

[wighty]

On 10/22/2013 at 6:03 PM, renting til I die said:

Personnal I wouldn't put too much faith into bit coins. They are only ever going to be as good as their security and although the security protocols are currently very good nobody knows what will happen in future, will a competing online currency become more popular or will someone create a program that can break the protocol?

Fundamentally there is still nothing backing bit coins and although there is a top limit of bit coins can be produced there is no limit to how many fractions a bit coin could be split into. The other major problem with bit coins becoming a viable currency is the fact that they keep appreciating rapidly, leading to people hoarding them and not spending them, creating a classical deflationary situation.

Still would have minded picking up a few when they were still $20! But again that merely demonstrates that they are acting more like a speculative investment, much like spread betting on an indice!

 

Wonder if he's still renting.

[markyh]

3 minutes ago, wighty said:

 

Wonder if he's still renting.

Exactly. That could have been posted yesterday word for word by the current nocoiners, they just don’t get it, and he could have picked up a handful for $200 each when that was posted in 2013, but didn’t. 
 

I will be pulling up the last few days posts in 2025 and having the same laughs. 

[Chunketh]

30 minutes ago, scottbeard said:

You seem equally certain of the opposite though, it has to be said...your posts don't say "there is a risk of XXX", you just say "SELL NOW!!!"

Ive not said sell now. Merely said that people must have balls of steel. 

[Chunketh]

5 minutes ago, markyh said:

I will be pulling up the last few days posts in 2025 and having the same laughs. 

There is that cocksure certainty again.

[Chunketh]

28 minutes ago, MonsieurCopperCrutch said:

All these kindly souls are very, very concerned for strangers finanical well-being, especially when it comes to Bitcoin.

Hmm I wonder why... 🤔

Some folk don't like seeing people opening themselves up to too much risk.

I'd feel a bit of a twit if I didn't shout "watch out" to someone crossing the road oblivious the the HGV that was about to flatten them.

If they want to continue crossing then so be it, my conscience would be clear.

 

[Peter Hun]

5 hours ago, dannyf said:

Love it.

What has this thread descended into lately. Where did all these nutcases come from all of a sudden?

People become detached from reality when money for nothing is involved. Professionals take advantage of it.

[markyh]

1 minute ago, Chunketh said:

There is that cocksure certainty again.

Luckily, time proves you all wrong, only one nutter nocoiner left from 2017/18. All the rest, and there where 10+ regulars back then, have disappeared. Will be the same in 2025 with BTC at 7 figures. You will just stop arguing, as time proved you wrong. 
 

“This will be the 5th time Zion has been destroyed and rebuilt, and we are exceedingly efficient at it” 

[Chunketh]

36 minutes ago, scottbeard said:

You seem equally certain of the opposite though, it has to be said...your posts don't say "there is a risk of XXX", you just say "SELL NOW!!!"

The fundamentals are on my side of the argument though. Despite what the crib sheet of ******** says, bitcoin is backed by nothing other than sentiment and belief. The same applies to cash, which is why holding it long term in large volume is a silly idea.

[Chunketh]

5 minutes ago, markyh said:

Luckily, time proves you all wrong, only one nutter nocoiner left from 2017/18. All the rest, and there where 10+ regulars back then, have disappeared. Will be the same in 2025 with BTC at 7 figures. You will just stop arguing, as time proved you wrong. 
 

“This will be the 5th time Zion has been destroyed and rebuilt, and we are exceedingly efficient at it” 

More cocksure certainty, You can keep saying the same thing, but i still think you are full of shit.

Interesting that you have an insult for people that dont choose to hold bitcoin. AFAIK its the only "investment" that has that phenomenon. Cant imagine why that would be.....

Edited January 14, 2021 by Chunketh

[MonsieurCopperCrutch]

5 minutes ago, Chunketh said:

Some folk don't like seeing people opening themselves up to too much risk.

I'd feel a bit of a twit if I didn't shout "watch out" to someone crossing the road oblivious the the HGV that was about to flatten them.

If they want to continue crossing then so be it, my conscience would be clear.

 

But you are assuming that people have not done their own research and evaluated the possible risks to themselves and taken appropriate steps to minimize them. Most clearly in that only invest what you are comfortable losing. No need to constantly scream at people SELL SELL SELL when they are comfortable in their hodling position. 

[longgone]

3 hours ago, MonsieurCopperCrutch said:

What are you waffling about now buddy? Crypto gainz are not off the hook, as you have to pay CGT. You know... just like any other asset. 

pages and pages of info on ways to skip the country to save CGT sure 🤣

[goldbug9999]

2 hours ago, Chunketh said:

It's a sound argument. Jumping aboard right now seems rather daft though. I would want to see a year of it being floored at this price point or a massive drop before committing up to 2%. 

As the risk reduces the price will rise, you dont get to have it both ways i.e. both established and cheap.

 

Quote

The other problem is online sentiment. Some people are just so cocksure about this, to the point of semi religious fervour that my internal scam alarm is constantly going off.

Thats probably the worst reason of all to discount something, I mean really man up and do your own research and ignore the shills (like me) AND the terminal sceptics. OK you might not change your mind but at least it would be your decision.

As a consolation prize youve gone straight to the top of the beginners guide, really that one was out of nowhere, congrats.

• Some people think its a really great idea ... which means that it cant be.