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The Bubbly Bitcoin Thread -- Merged Threads

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1 hour ago, scottbeard said:

No, that's just an incorrect use of the term "intrinsic value".

And fiat doesn't have value due to belief and trust, it has value because the government SAYS it has value.  That's what the word "fiat" means.  The government can at any moment decide it has no value - look at (for example) old £10 notes that the government can simply decide to withdraw on a certain day. 

I don't disagree with you, by the way, about your other points - I'm just trying to make sure dictionary defined terms are being used correctly.

You could argue over semantics all day over what "intrinsic" means.  paper money yes can be removed from the system and made worthless  digital not so much unless the government like you says it is not worth anything that`s its value. True intrinsic value in physical currency you would be better off with the old solid copper coins they are worth more than the sticker price 😄.

Put it this way anyone who converted their FIAT into BTC in late 2017 has seen far more inflationary erosion on their capital than fiat holders. 😆

 

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3 hours ago, AndyFTB said:

Facebook are planning on launching a crypto currency.  I am not sure what this will do for Bitcoin, I can see it going either way. 

I think the hype will certainly make another "moon" for the whole sector in 2020/2021 quite likely.

https://www.bbc.com/news/business-48383460

Seems like this is going to be little more than a variation on paypal and google pay apple pay etc except denominated in some arbitrary facebook coin (which will be $ pegged anyway)

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4 hours ago, goldbug9999 said:

Seems like this is going to be little more than a variation on paypal and google pay apple pay etc except denominated in some arbitrary facebook coin (which will be $ pegged anyway)

Quite, and wont be hard limited to any specific qty let alone only 21 Million. Will be pretty much crypto Fiat. If it cant appreciate in Fiat value trading, hodling then those already in the sector will have little interest in it.

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On 24/05/2019 at 18:30, markyh said:

Quite, and wont be hard limited to any specific qty let alone only 21 Million. Will be pretty much crypto Fiat. If it cant appreciate in Fiat value trading, hodling then those already in the sector will have little interest in it.

I dont know what facebook are trying to achieve.

They cannot issue an "ICO" i.e. a fixed circulation token because doing so has effectively been outlawed by the SEC in the US: if they sell it, or give it away and hold back portion hoping to make a speculation gain it will be classed as a security. So they have legally only 2 options

  1. 1 issue a proof of work coin like bitcoin with no pre mine (and thus no way for facebook to make a profit from it). This would be completely pointless as it has no advantage over anything already out there.
  2. Issue a $ pegged stable coin in which case they will have to become a fully fledged bank with all of the compliance costs this entails. This option though is a cyptocurrency in name only and theres no money to be made for facebook or anyone else.

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1 minute ago, goldbug9999 said:

Issue a $ pegged stable coin in which case they will have to become a fully fledged bank with all of the compliance costs this entails. This option though is a cyptocurrency in name only and theres no money to be made for facebook or anyone else.

Wouldn’t they earn interest on the $ deposits backing the stablecoin?

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9 minutes ago, dannyf said:

Wouldn’t they earn interest on the $ deposits backing the stablecoin?

Yes a small one, that would have to be offset against the massive extra regulatory overhead of going from being a "website" to financial institution.

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2 hours ago, goldbug9999 said:

Yes a small one, that would have to be offset against the massive extra regulatory overhead of going from being a "website" to financial institution.

True. It may bring more activity to their site, marketplace, etc as well though. With these services it’s all about bringing more traffic/use. Who knows, but I’m sure there’s a future profitable motive behind it.

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not sure about a Facebook coin, but Facebook marketplace has some serious finds on there! 

Facebook marketplace seems to work very well for very local selling. But that is cash in hand. Pay your money and take your chances.

cant really see how Facebook can make a Facebook coin work. Unless it’s a no-value thing, but worth ‘social credits?’ so get so many likes or comments and you get so many total credits? 

maybe make those credits in a Facebook store for goods and services?, the idea being that it keeps people on Facebook (viewing adverts for longer), and keeps more people invested? With Facebook having such bulk buying power that it can get great deals in its store? 

Like YouTube does so well as the creators get rewarded with views and real money. so it grows the content. similar idea. 

I don’t mind Facebook, but that’s probably because life seems relatively rosey for me, no major life decision feck-ups. No issues with those born rich telling everyone how successful they are, no issues with those broke trying to look flashy in white Audi’s etc. and generally on balance it’s better for my mental health than negative, as I don’t like where most of my mates are, being spread all over the country. 

i do have friends, very good friends who no longer have Facebook, which does make it harder to keep in contact as you have to do the ancient thing of calling or texting them on the off chance anything interesting has happened in their lives. 

these people came off Facebook for a multitude of reasons, from what I can gather this ranges from:

- some had very ugly partners and were embarrassed (may be rich but your ugly bro!)

- very overly competitive types who just can’t hope to win at everything, and it tears them up inside

- some had real mental health issues having fallen out of the ‘popular group’ of friends they strived to be part of, and now can only watch their seemingly picture perfect life from a distance through a heavily filtered porthole, mixed with serious depression 

- those very popular at school, suddenly find themselves working dead-end jobs and losing hair, all the kids they picked on just getting on with lives, some now in very professional positions

- some have some kind of seedy criminal past and don’t really want to be found

- some find it dull, it is pretty dull

I enjoy Facebook as it can say a lot about people when you read between the lines. the picture perfect selfies which fall apart when you see the warthog actually tagged in real life. 

you can see where people’s priorities lie, those who must get a flashier car than everyone else, those who go deep into politics, those calling out for help.

not to mention the endless ‘local rant’ pages which are just pure joy to read! people spitting blood about someone parking in front of their house, lost cats, the local crazies posting asking why everyone is following them when they go on walks. everyone asking why there is a helicopter above the green, etc etc 

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15 hours ago, goldbug9999 said:

Yes a small one, that would have to be offset against the massive extra regulatory overhead of going from being a "website" to financial institution.

Caught up with a good mate not seen for about 18 months, who works for an investment bank in the city. At Christmas 2017 he was talking me Bitcoin was. Ponzi and the next dot com and would die and never come back and I should sell it all at $17k it was then. Now his attitude has completely changed it is an asset class that will pass $20k ash and I should cash out at $80k. But despite having the same HL Sipp as me or buying direct he won’t by any bitcoin or top 10 crypto as he sees it as “to late” to make an entry. He seems to have the bug of the 10000% gains if you pick the right one. So he did say he had £10k set aside to buy the Facebook coin when launched. I ask d him why? What will make it appreciated massively for gains? He didn’t know just that well it’s facebook? He has no idea about ICO or IEO but seems certain the Facebook coin is the next Amazon. 

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8 hours ago, jiltedjen said:

not sure about a Facebook coin, but Facebook marketplace has some serious finds on there! 

Facebook marketplace seems to work very well for very local selling. But that is cash in hand. Pay your money and take your chances.

cant really see how Facebook can make a Facebook coin work. Unless it’s a no-value thing, but worth ‘social credits?’ so get so many likes or comments and you get so many total credits? 

maybe make those credits in a Facebook store for goods and services?, the idea being that it keeps people on Facebook (viewing adverts for longer), and keeps more people invested? With Facebook having such bulk buying power that it can get great deals in its store? 

Like YouTube does so well as the creators get rewarded with views and real money. so it grows the content. similar idea. 

I don’t mind Facebook, but that’s probably because life seems relatively rosey for me, no major life decision feck-ups. No issues with those born rich telling everyone how successful they are, no issues with those broke trying to look flashy in white Audi’s etc. and generally on balance it’s better for my mental health than negative, as I don’t like where most of my mates are, being spread all over the country. 

i do have friends, very good friends who no longer have Facebook, which does make it harder to keep in contact as you have to do the ancient thing of calling or texting them on the off chance anything interesting has happened in their lives. 

these people came off Facebook for a multitude of reasons, from what I can gather this ranges from:

- some had very ugly partners and were embarrassed (may be rich but your ugly bro!)

- very overly competitive types who just can’t hope to win at everything, and it tears them up inside

- some had real mental health issues having fallen out of the ‘popular group’ of friends they strived to be part of, and now can only watch their seemingly picture perfect life from a distance through a heavily filtered porthole, mixed with serious depression 

- those very popular at school, suddenly find themselves working dead-end jobs and losing hair, all the kids they picked on just getting on with lives, some now in very professional positions

- some have some kind of seedy criminal past and don’t really want to be found

- some find it dull, it is pretty dull

I enjoy Facebook as it can say a lot about people when you read between the lines. the picture perfect selfies which fall apart when you see the warthog actually tagged in real life. 

you can see where people’s priorities lie, those who must get a flashier car than everyone else, those who go deep into politics, those calling out for help.

not to mention the endless ‘local rant’ pages which are just pure joy to read! people spitting blood about someone parking in front of their house, lost cats, the local crazies posting asking why everyone is following them when they go on walks. everyone asking why there is a helicopter above the green, etc etc 

Lol are we in the same local rant facebook group? 

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i do like facebook but only use it for buying stuff and stalking as all the people i avoid now get old and look like they are falling to bits. 

i am surprised by the women they have chosen to marry mind you, rather them than me 😄  i see a few of them have unfriended family members so i think that is probably a real indication of whats really going on. It`s funny how the only posts showing up is when the wife tags hubby in social events but hubby never puts posts up himself. 

free and single that`s how i`m staying. 

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5 hours ago, markyh said:

Caught up with a good mate not seen for about 18 months, who works for an investment bank in the city. At Christmas 2017 he was talking me Bitcoin was. Ponzi and the next dot com and would die and never come back and I should sell it all at $17k it was then. Now his attitude has completely changed it is an asset class that will pass $20k ash and I should cash out at $80k. But despite having the same HL Sipp as me or buying direct he won’t by any bitcoin or top 10 crypto as he sees it as “to late” to make an entry. He seems to have the bug of the 10000% gains if you pick the right one. So he did say he had £10k set aside to buy the Facebook coin when launched. I ask d him why? What will make it appreciated massively for gains? He didn’t know just that well it’s facebook? He has no idea about ICO or IEO but seems certain the Facebook coin is the next Amazon. 

There is good reason that every payment processor and money transfer business is a business that generally does only that one thing (even google and apple pay are just visa/mastercard gateways), and similarly you have giants like amazon who wont go anywhere near actually storing money for people. From an IT perspective its a complete nightmare just to handle customers credit card details which is why most companies offload payments to a third party processor. The moment you start storing information amounting to monetary balances and/or monetary transactions among people then it goes to a whole new level of pain .But who knows maybe facebook have a "hack" that noone else has though of, I just doubt it.

Edited by goldbug9999

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"Pop goes the weasel" . May 2019 monthly high resistance breached and on the way to $9k. One suspects stoploss hunting on shorts set at $8500. no probs for me I invest not trade. Additional 2018 buy ins at lows looking very nice now. 😁

However still waiting for that pull back to retest the 200WMA to add another £1k buy in, at this rate soon the 200WMA will be at $4k 😟 

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My XRP is up quite considerably but my Bitcoin now losing ground. This means XRP will follow at some point.

Looks like the IMF and Federal Reserve are making big noises about Ripple recently but nothing concrete yet. Only a matter of time really. 

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13 hours ago, dragging boot straps said:

My XRP is up quite considerably but my Bitcoin now losing ground. This means XRP will follow at some point.

Looks like the IMF and Federal Reserve are making big noises about Ripple recently but nothing concrete yet. Only a matter of time really. 

I don't look much at my LTC, ETH , XRP and other Alts as they are less than 20% of my Crypto holdings, and I still have the same belief, they all play follow the leader with the Daddy BTC, but with a lag sometimes, so you might be right they may start to catch up soon. Good to see BTC almost reach $9k, as this means a 30% pull back now only takes us back to $6k. 

The monthly close in May should be awesome and it has been pointed out 4 x weekly bullish candles above the 50 WMA which has been the final trigger to start the past 2 bull runs.

Still would be happy just to end 2019 around the $10k level after a 30%-40% pullback sometime in the next 6 months.

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On 29/05/2019 at 10:44, markyh said:

I don't look much at my LTC, ETH , XRP and other Alts as they are less than 20% of my Crypto holdings, and I still have the same belief, they all play follow the leader with the Daddy BTC, but with a lag sometimes, so you might be right they may start to catch up soon. Good to see BTC almost reach $9k, as this means a 30% pull back now only takes us back to $6k. 

The monthly close in May should be awesome and it has been pointed out 4 x weekly bullish candles above the 50 WMA which has been the final trigger to start the past 2 bull runs.

Still would be happy just to end 2019 around the $10k level after a 30%-40% pullback sometime in the next 6 months.

My target on ltc is 200 quid a coin, by the next halving in August, that'd give me a 10x bagger. Aston or lambo? 

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16 hours ago, GreenDevil said:

My target on ltc is 200 quid a coin, by the next halving in August, that'd give me a 10x bagger. Aston or lambo? 

Tesla model 3 performance.

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May 2019 monthly close was a higher high, that complete it now, higher highs on all major timeframes, above all moving averages on weekly and daily charts from 20 ma to 200 ma, golden crosses, bear market is now officially over for me i'm calling the beginning of a new bull market but with a 30%-40% pull back somewhere in the next 6 months. 

Should end 2019 around $10k BTC or higher.

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With a halving set for less than 12 months time in not sure about the depth of the pullback, just a long drawn out rise hacksawing upwards 2 steps forwards one step back. 2019 is going to be a golden year for bitcoin, 2020 could see the start of a new bitcoin winter suck at $20,000 a BTC at the long drawn out low. 

Thats unless some big news picks it up early from its 2020 low, it will be a long time until the next halving then 

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8 minutes ago, goldbug9999 said:

100k - 150k peak this time round  :ph34r:

I think narco is still calling for 1000 bucks and has opened a short last month. Are you sure ? :)

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6 minutes ago, GreenDevil said:

I think narco is still calling for 1000 bucks and has opened a short last month. Are you sure ? :)

Still clutching his fiat bags and shouting at his charts

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On 12/05/2019 at 12:46, narco said:

The evidence is pretty compelling we're heading for $1200.

Anyone suggesting this is going to $200,000 in 2 years needs to put down the crack pipe.

Periodic update. Posted at roughly $7400. Currently around $8580 (+15.9%)

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1 hour ago, goldbug9999 said:

Still clutching his fiat bags and shouting at his charts

You won't be able to get into the citadel with bags of fiat. It will however be useful as bedding for your cardboard box. 

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