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The Bubbly Bitcoin Thread -- Merged Threads

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11 hours ago, GreenDevil said:

 

58 minutes ago, Acid In The Punch Bowl said:

Love that everyone on here talks with authority about Bitcoin either booming or busting, but no-one predicted this massive ******ing rally.

When you are already invested and add to your position in 2018 at price levels below where we are now, why does it matter. What matters is we didnt panic sell and bought more during the lows. 

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11 minutes ago, dragging boot straps said:

I posted a video mate. I've known about this rally for some time thanks to another guy on a different forum. The size of it has caught everyone out admittedly. It was kicked off by the LTC halvening. 

Imagine the BTC one next year! 

Plus did I not say back in Jan/feb we will be back to somewhere near $10k come the end on 2019. 

And $20k ATH will be passed in 2020 and we will be around $200k come end of December 2021.

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On 13/05/2019 at 09:27, longgone said:

indeed total banking collapse (never going to happen) or media hype commissioned by (sataoshi himself) aka bankers holding BTC stores.  I like how they chuck out a few charts and yank the price up buying and selling to each other to generate a interest. i suppose an air of credibility can be created in the ether of movement.  

Good news back to £40k now so only £63k paper loss down from ATH. Lol.

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7 minutes ago, markyh said:

Good news back to £40k now so only £63k paper loss down from ATH. Lol.

when its hits 200k you can have an impromptu retirement and rock up to work in a lambo , maybe even have a few more kids as you made the right choice. Invite the friends round to the citadel i know at least one visitor will turn up 😄

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1 hour ago, longgone said:

when its hits 200k you can have an impromptu retirement and rock up to work in a lambo , maybe even have a few more kids as you made the right choice. Invite the friends round to the citadel i know at least one visitor will turn up 😄

Remember the bitcoin time in traveller said the citidels don’t start appearing until 2025, so will have to spunk £100k on an extension after clearing the mortgage to keep the wife happy while it’s still safe to live amongst nocoiners. 

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1 hour ago, markyh said:

Plus did I not say back in Jan/feb we will be back to somewhere near $10k come the end on 2019. 

And $20k ATH will be passed in 2020 and we will be around $200k come end of December 2021.

Are you able to articulate WHY you think Bitcoin will rise to that price, and why $200k (as opposed to 50k, 100k or 500k etc?)

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24 minutes ago, scottbeard said:

Are you able to articulate WHY you think Bitcoin will rise to that price, and why $200k (as opposed to 50k, 100k or 500k etc?)

I’m being conservitive. bitcoin moves in cycles of 2-4 years and the cycle highs are always around 20x the previous high ($400k, $20k x 20), to 100x the cycle low/bottom, ($300k, $3k x 100). So being cautious, personally I’m selling 50% at between $146k-$150k. Should be sometime during Q4 2021.

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29 minutes ago, scottbeard said:

Are you able to articulate WHY you think Bitcoin will rise to that price, and why $200k (as opposed to 50k, 100k or 500k etc?)

Perhaps more importantly, why the end of 2021? The argument for it getting to $1m or thereabouts is all fiat currencies become worthless and people don't rush to traditional safe haven assets like gold. This is incredibly unlikely, because fiat currencies don't collapse en masse. They collapse relative to other fiat currencies. So in countries with hyperinflation like Venezuela and Zimbabwe they are absolutely desperate for US dollars. Inflation is still low in North America, Europe and other developed economies (Japan, Australia, etc.). So even if there is some apocalyptic fiat money collapse coming, I don't see how it's even going to start to materialise during 2021.

The second (even more naïve) reason for thinking it will soon reach $200k or so is that it has exhibited this cycle in the past. But this is unlikely as everyone heard of bitcoin during the last boom, so where will the buyers come from this time? (A lot more buyers are required to push the price from $8,000 to $20,000 than were required from $1,000 to $20,000).

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7 minutes ago, UberMonkeySmallAndChunky said:

A growing awareness of Bitcoin being a superior unique asset.

It's superior but not unique. It has first mover advantage, but there alternative crypto-assets and there are no limit to the number of new coins. Some people say there are better ones. I think first mover advantage will likely mean that bitcoin itself remain the leading crypto-asset, but the contestability of the asset class will dissuade some people from considering it to be akin to digital gold.

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44 minutes ago, markyh said:

I’m being conservitive. bitcoin moves in cycles of 2-4 years and the cycle highs are always around 20x the previous high ($400k, $20k x 20), to 100x the cycle low/bottom, ($300k, $3k x 100). So being cautious, personally I’m selling 50% at between $146k-$150k. Should be sometime during Q4 2021.

ah so its done it before so must do it again. Great logic. 

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30 minutes ago, Kosmin said:

It's superior but not unique. It has first mover advantage, but there alternative crypto-assets and there are no limit to the number of new coins. Some people say there are better ones. I think first mover advantage will likely mean that bitcoin itself remain the leading crypto-asset, but the contestability of the asset class will dissuade some people from considering it to be akin to digital gold.

Not just first mover but how do you recreate the decentralization of Bitcoin?

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38 minutes ago, longgone said:

ah so its done it before so must do it again. Great logic. 

It’s the only asset class in history to have two( or more) parabolic price rises within s decade, a starting its third.

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54 minutes ago, markyh said:

It’s the only asset class in history to have two( or more) parabolic price rises within s decade, a starting its third.

the most import words in that sentence. 

When does an asset not become an asset anymore. 

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3 hours ago, Kosmin said:

But this is unlikely as everyone heard of bitcoin during the last boom, so where will the buyers come from this time? (A lot more buyers are required to push the price from $8,000 to $20,000 than were required from $1,000 to $20,000).

That is not actually true, you need more buyers relative to sellers to initiate a price rise.  In theory you would only need 1 person willing (and able, which is a key point) to pay $100,000 a coin if there is 0 people willing to sell for $99,999 or less.  In that scenario one buyer is enough to set the market price.

I dont think Bitcoin is going to those levels in this wave, I think there will be a lot of sellers, but if there are not...

I have a small number of Bitcoin (less than 1)  and other cryptos but like an idiot having bought most at $35xx I sold about half at between $4.2 and $5 expecting a retrace.  Oh well I have learnt my lesson now, no more selling from me.

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2 hours ago, UberMonkeySmallAndChunky said:

Not just first mover but how do you recreate the decentralization of Bitcoin?

Are all of the other cryptos centralised? Even if all of them are, what's to stop a completely new bitcoin starting up tomorrow?

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4 minutes ago, AndyFTB said:

That is not actually true, you need more buyers relative to sellers to initiate a price rise.  In theory you would only need 1 person willing (and able, which is a key point) to pay $100,000 a coin if there is 0 people willing to sell for $99,999 or less.  In that scenario one buyer is enough to set the market price.

True, but in practice you need a lot of buyers. I think it's widely accepted that the rapid increase to $20,000 was due to purchases on credit (people borrowing, or margin trading, spread-betting etc.), or with money people felt they couldn't afford to lose or at least couldn't leave in bitcoin for long. So the price wasn't sustainable at this time (i.e. we don't yet have enough demand to support a price above $10,000.

I suspect when the price increases suddenly this has been caused by increased numbers wishing to buy, not just decreased numbers wishing to sell. In fact I suspect a lot of people want to cash in when prices rises. Are people going to stop cashing in if the price gets high enough?

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11 minutes ago, Kosmin said:

Are all of the other cryptos centralised? Even if all of them are, what's to stop a completely new bitcoin starting up tomorrow?

Zzz. Weve had this argument before, go an read up on cryptocurrencies.

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4 hours ago, longgone said:

Hodl Hodl for dear life. 

This guys BTC is safe aint nobody hacking this 

 

 

Funny how when BTC is rocketing this video gets pumped. Old new, BTC is king, LTC is silver, the rest are shitcoins and going to zero.

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2 minutes ago, GreenDevil said:

Zzz. Weve had this argument before, go an read up on cryptocurrencies.

I'm not sure what you're referring to. I said bitcoin had first mover advantage. People have pointed out there is no barrier to an exact replication of bitcoin. I don't remember any making an object as to why this couldn't happen. In any case, is bitcoin the only decentralised crypto?

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5 minutes ago, Kosmin said:

I suspect when the price increases suddenly this has been caused by increased numbers wishing to buy, not just decreased numbers wishing to sell. In fact I suspect a lot of people want to cash in when prices rises. Are people going to stop cashing in if the price gets high enough?

Rising prices cause some people to sell, but they also cause some people to re-assess their views, so that they think "oh - I thought bitcoin was in a slump, and I wasn't prepared to buy it at $3k.  But now it's gone up to $8k actually I fancy buying it again because it's clearly on the up".

If price rises cause sellers to totally dry up completely though, at that point it's just a bubble - the moment sentiment changes everyone suddenly flips and wants to sell and then it crashes.

That's the main problem with the volatility of bitcoin - very few people are buying it to make transactions, most people are just speculating, hence the price movements being wild both up and down.

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  • 190 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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