The Bubbly Bitcoin Thread -- Merged Threads

[Lenelby]

4 hours ago, henry the king said:

Well most of us would have said the same at 60k/50k/40k/30k/20k. 

So using your logic you would buy at all those points.

And you probably will at £100k, £200k or whatever as it is still an emerging technology and has a long way to go before it becomes an asset that most people will own or feel comfortable owning. But the only time I sold all my Bitcoin was at the end of 2017 when it felt from forums that everyone was getting too greedy. And you only have to read this forum to see that people were saying Bitcoin was over back in 2014 and here we are at 100x the price and number of addresses.  It might really be the end this time around, but I think not.
 

Yes we will have a shakeout. Ponzi tokens and NFTs will die. Exchanges will fail but those that do will be taken over by the big boys; Morgan Stanley, Goldman Sachs and in much the same way that John Lewis bought buy.com after the dot com bust. This was to much criticism at the time as internet shopping was thought to be a fad that was over. Amazon shares lost something like 85% from their peak. And government will regulate in their interests of course. 

This is because Bitcoin and digital currencies (including central bank digital currencies) are here to stay and will revolutionise money like the internet has changed our society in ways that were difficult to imagine 25 years ago. 
 

Also regarding the other point very little Bitcoin is held on exchanges. One of the main benefits of owing it is self custody and the elimination of counter party risk. But that also comes with other risks. Pros and cons.

[henry the king]

18 minutes ago, Lenelby said:

And you probably will at £100k, £200k or whatever as it is still an emerging technology and has a long way to go before it becomes an asset that most people will own or feel comfortable owning. But the only time I sold all my Bitcoin was at the end of 2017 when it felt from forums that everyone was getting too greedy. And you only have to read this forum to see that people were saying Bitcoin was over back in 2014 and here we are at 100x the price and number of addresses.  It might really be the end this time around, but I think not.
 

Yes we will have a shakeout. Ponzi tokens and NFTs will die. Exchanges will fail but those that do will be taken over by the big boys; Morgan Stanley, Goldman Sachs and in much the same way that John Lewis bought buy.com after the dot com bust. This was to much criticism at the time as internet shopping was thought to be a fad that was over. Amazon shares lost something like 85% from their peak. And government will regulate in their interests of course. 

This is because Bitcoin and digital currencies (including central bank digital currencies) are here to stay and will revolutionise money like the internet has changed our society in ways that were difficult to imagine 25 years ago. 
 

Also regarding the other point very little Bitcoin is held on exchanges. One of the main benefits of owing it is self custody and the elimination of counter party risk. But that also comes with other risks. Pros and cons.

Your first paragraph can be summarised as "it went up before". Which is a nonsense argument.

Your second paragraph is just delusional. There is no upside once the industry collapses under its own weight. 

Third paragraph again is lunacy. How is BTC going to revolutionise anything? It has achieved nothing to date besides being a get rich quick scheme. 

Last point - when exchanges go broke it won't be easily tradeable and the speculators/gambling addicts who fuel its price will disappear. 

[Young Turk]

6 hours ago, locky82 said:

Which platforms offer this? 

IG Index allow you to place spread bets on bitcoin.

[Young Turk]

6 hours ago, henry the king said:

Only dodgy crypto platforms which will probably be broke soon anyway.

So you can "win" on your short but you probably won't ever get the money. 

Which is why the "short it" argument is so stupid.

Yeh, if I could short it with Barclays or something I would. But why would I put money into dodgy unregulated crypto exchange and "trust" them to pay me. It is crazy.

You can bet on the price going down without actually shorting.

Cryptocurrency spread bet product details | IG Ireland

[henry the king]

12 minutes ago, Young Turk said:

You can bet on the price going down without actually shorting.

Cryptocurrency spread bet product details | IG Ireland

Spread betting anything is a terrible idea.

You can end up with huge debts.

 

[Chunketh]

10 minutes ago, henry the king said:

Spread betting anything is a terrible idea.

You can end up with huge debts.

 

Just own the world, save 50% of your earnings. Simples.

[JawKnee]

1 hour ago, henry the king said:

Your first paragraph can be summarised as "it went up before". Which is a nonsense argument.

Your second paragraph is just delusional. There is no upside once the industry collapses under its own weight. 

Third paragraph again is lunacy. How is BTC going to revolutionise anything? It has achieved nothing to date besides being a get rich quick scheme. 

Last point - when exchanges go broke it won't be easily tradeable and the speculators/gambling addicts who fuel its price will disappear. 

Spoken like somebody who has no clue about what they are talking about. 😂

I work for a major bank as a software engineer. We are about to start moving some core operations on to these networks for the efficiencies and innovations they bring to the sector.

[locky82]

6 hours ago, Lenelby said:

It’s posts like this that I find a good buy signal.
 

Someone who doesn’t know what they are talking about wanting buy or sell due to FOMO is a great indicator of tops/bottoms. 

You find financial buy/sell signals on Internet forums. You wally  

Edited June 18, 2022 by locky82

[Unmoderated]

19 hours ago, MonsieurCopperCrutch said:

You still don't get it do you. You are the clown thinking someone would only run a node for money. That says more about your failed desire for riches than anything. I'm sure that your work for the bankster cartels will be richly rewarded one day. If only they'd sell you a cheap house. Eh? 🤡🤡🤡🤡

Why don't you tell everyone why you do it then? Hobby? 

You do love recycling an insult though don't you? 

How do you know who I work for lol? It seems you equate accounting with banks? Banks need accountants because they are a business, like any other. On the subject of banks though did you know the chairman of HSBC is a chartered accountant? He makes $12m a year. I must congratulate you on making more money than this and still finding time to post on here. 

Out of interest how is traffic on your node right now? Are you seeing more given the recent collapse of BTC's valuation? 

Buy the dips bro:

[Unmoderated]

1 hour ago, Lenelby said:

And you probably will at £100k, £200k or whatever as it is still an emerging technology and has a long way to go before it becomes an asset that most people will own or feel comfortable owning. But the only time I sold all my Bitcoin was at the end of 2017 when it felt from forums that everyone was getting too greedy. And you only have to read this forum to see that people were saying Bitcoin was over back in 2014 and here we are at 100x the price and number of addresses.  It might really be the end this time around, but I think not.
 

Yes we will have a shakeout. Ponzi tokens and NFTs will die. Exchanges will fail but those that do will be taken over by the big boys; Morgan Stanley, Goldman Sachs and in much the same way that John Lewis bought buy.com after the dot com bust. This was to much criticism at the time as internet shopping was thought to be a fad that was over. Amazon shares lost something like 85% from their peak. And government will regulate in their interests of course. 

This is because Bitcoin and digital currencies (including central bank digital currencies) are here to stay and will revolutionise money like the internet has changed our society in ways that were difficult to imagine 25 years ago. 
 

Also regarding the other point very little Bitcoin is held on exchanges. One of the main benefits of owing it is self custody and the elimination of counter party risk. But that also comes with other risks. Pros and cons.

If it has a future then it's creative destruction right now but I don't think people will see it as a store of wealth or a currency. Not sure I'd even go on a holiday to a country whose currency was this volatile. 

[locky82]

13 minutes ago, Unmoderated said:

If it has a future then it's creative destruction right now but I don't think people will see it as a store of wealth or a currency. Not sure I'd even go on a holiday to a country whose currency was this volatile. 

Most people see it as a get rich quick scheme, which for some it has been. The greater fool theory has been lost on many of my friends and family. Long term it will be a store of value, once regulated. 

Edited June 18, 2022 by locky82

[scottbeard]

On 17/06/2022 at 18:26, longgone said:

£140k you wasn't expecting 🤣

Does that happen often? 

You know that sometimes people’s parents can seem fit and healthy but then pass away suddenly, right? 😕

[Unmoderated]

2 minutes ago, locky82 said:

Most people be see it as a get rich quick scheme, which for some it has been. The greater fool theory has been lost on many of my friends and family. Long term it will be a store of value, once regulated. 

Certainly agree with the first part. Mad gainz were paid out to people as new buyers (greater fools) were found. At least a house gives you somewhere to live.

I guess a store of value is true, as it is for anything that can be sold for cash right? I think though it is just so inherently unstable. How would regulation change that? I suppose it might make it illegal to pump and dump - not sure where that stands with the law right now though?

[Young Turk]

1 hour ago, henry the king said:

Spread betting anything is a terrible idea.

You can end up with huge debts.

if I could short it with Barclays or something I would.

You can end up with losses, but you shouldn't have debts - they would close your positions long before that. Wouldn't you have the same sort of risk with Barclays? They should make margin calls and close your position before you owe them money. If IG didn't, wouldn't you have the same risk with Barclays?

Shorting is risky - and possibly a bad idea - because a price can rise irrationally and stay high for a long time before falling.

 

Edited June 18, 2022 by Young Turk

[lombardo]

I don't know about other holders, but I always cheer for the price to crash further. Get it over and done with. Plus a crash is more exciting than sideways movement. I hope it goes to 10K.

Edited June 18, 2022 by lombardo

[PalmerEldritch]

Looks like The Halvening is going to half again.

Is this a new paradigm???

[Unmoderated]

Is it me or are the brief bounces and pauses at the round thousand dollar marks indicative of children and similar trading? 

Oooooh, nice round number. It'll stick. It seems to stick just about $20k for a time, bounce off $19K (not for long) and is now flirting with $18k. 

19 minutes ago, lombardo said:

I don't know about other holders, but I always cheer for the price to crash further. Get it over and done with. Plus a crash is more exciting than sideways movement. I hope it goes to 10K.

I don't think you'll be disappointed. 

[anonguest]

35 minutes ago, Young Turk said:

You can end up with losses, but you shouldn't have debts - they would close your positions long before that. Wouldn't you have the same sort of risk with Barclays? They should make margin calls and close your position before you owe them money. If IG didn't, wouldn't you have the same risk with Barclays?

Shorting is risky - and possibly a bad idea - because a price can rise irrationally and stay high for a long time before falling.

 

OR put another way....

"Markets can remain irrational longer than you can remain solvent"  😉

 

Edited June 18, 2022 by anonguest

[markyh]

47 minutes ago, scottbeard said:

You know that sometimes people’s parents can seem fit and healthy but then pass away suddenly, right? 😕

Parents , Grandparents, lottery win, court case settlement, many many ways one can come into £140k in 2021, not exactly a huge sum of money. 

[Jonesy74]

1 hour ago, henry the king said:

Spread betting anything is a terrible idea.

You can end up with huge debts.

 

How can you end up with huge debts if bitcoin is certainly going to zero? I don't understand your logic.  Unless you aren't as sure as you make out.  Certainly not sure enough to put any money on the line.  

[henry the king]

2 minutes ago, Unmoderated said:

Is it me or are the brief bounces and pauses at the round thousand dollar marks indicative of children and similar trading? 

Oooooh, nice round number. It'll stick. It seems to stick just about $20k for a time, bounce off $19K (not for long) and is now flirting with $18k. 

I don't think you'll be disappointed. 

There is zero intrinsic value so that is why.

Not like they are looking at P/E ratios or anything.

It is all based on speculative nonsense.

[henry the king]

1 minute ago, dannyf said:

How can you end up with huge debts if bitcoin is certainly going to zero? I don't understand your logic.  Unless you aren't as sure as you make out.  Certainly not sure enough to put any money on the line.  

I have no interest in gambling on a totally manipulated and unregulated scam.

Yes in the end it will go as close to $0 as you can imagine. But the swings before could be wild and is not something I will do.

I have been proven right so far anyway.

I was called delusional for calling sub-$20k within months when we were at $31k. I was right. The Hodlers were wrong.

[Unmoderated]

1 minute ago, henry the king said:

There is zero intrinsic value so that is why.

Not like they are looking at P/E ratios or anything.

It is all based on speculative nonsense.

100% agree. 

I work for a tech firm and the number of conversations I've had with grinning sales people who think it'll make them even more money than flogging software is insane. I try and explain to them but they're pretty convinced. 

Of course, like anything in a casino you might make money but BTC seems to follow a momentum pattern and right now it's all the momentum of a collapsing star. 

[henry the king]

2 minutes ago, Unmoderated said:

100% agree. 

I work for a tech firm and the number of conversations I've had with grinning sales people who think it'll make them even more money than flogging software is insane. I try and explain to them but they're pretty convinced. 

Of course, like anything in a casino you might make money but BTC seems to follow a momentum pattern and right now it's all the momentum of a collapsing star. 

Dangerous mindset to be honest. 

Those who just treat it as a lottery ticket are the ones who make sense. Still a bad idea (very bad) imo but at least it is not delusional. 

[Gussie]

29 minutes ago, lombardo said:

I don't know about other holders, but I always cheer for the price to crash further. Get it over and done with. Plus a crash is more exciting than sideways movement. I hope it goes to 10K.

On 5/21/2022 at 10:03 PM, lombardo said:

I reckon BTC will reach $100k by the end of 2023. And then all these naysayers will keep telling us how it's going back to $50k. Always shifting goal posts.