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The Bubbly Bitcoin Thread -- Merged Threads

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1 hour ago, jiltedjen said:

Google trends is not showing the interest we had last time, yet the price is rising. 

those buying now are already aware of bitcoin.

we have not reached the mania stage where lots of newbies pile in, and that’s when it climbs a wall. 

at the moment we have moved from oversold to probably about right price wise. 

Just good old supply and demand right now, only 2% of Bitcoin is liquid and I suspect all those accumulating otc have exhausted the sellers, leaving just exchanges. I have put a few messages out I’m willing to sell otc now at $140k! No takers yet! 

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11 hours ago, goldbug9999 said:

Bitcoin will always do the unexpected in the short term, that's why the most successful investment strategies are the ones that make the least assumptions about short term movements.

"It's not a bug, it's a feature!"

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4 hours ago, UberMonkeySmallAndChunky said:

With mining costs though? miner values them due to their costs of production.  So if people want bitcoin they have to pay a reasonable price?

And why do they want bitcoin? Miners only exist because people want it, not the other way round.

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13 minutes ago, dugsbody said:

And why do they want bitcoin? Miners only exist because people want it, not the other way round.

Because fiat is garbage. Now the FB coin is officially announced people realise what shit it is, everything bitcoin isn't. 

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4 minutes ago, GreenDevil said:

Because fiat is garbage. Now the FB coin is officially announced people realise what shit it is, everything bitcoin isn't. 

You missed my point. Miners don't set the price of bitcoin.

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5 minutes ago, dugsbody said:

You missed my point. Miners don't set the price of bitcoin.

Indeed.  Miners set the cost of Bitcoin.

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2 hours ago, dugsbody said:

And why do they want bitcoin? Miners only exist because people want it, not the other way round.

True. The whole blockchain launched on a few pc’s.

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1 hour ago, Will! said:

Indeed.  Miners set the cost of Bitcoin.

Well the cost of new Bitcoin yes. But as supply is so limited as it is such hard money new supply is cost as old supply is locked away.

can dig more gold, pump more oil, grow more tulips, build more houses and print more fiat, issue more bonds or shares.  But 21 million Bitcoin is it. No other form of asset is harder. This is the key for me. True hard money store of value. Like Jiltedjen’s fav saying. Digital Gold 2.0.

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Past £60k now @longgone for the 2013/14 stash. Only £40k more to be back to later December early Jan 2017/18. We are long due a 40% pullback now, but little resistance left above £13k so god knows when. 

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2 minutes ago, markyh said:

Past £60k now @longgone for the 2013/14 stash. Only £40k more to be back to later December early Jan 2017/18. We are long due a 40% pullback now, but little resistance left above £13k so god knows when. 

will you be selling up waiting then buying back in partly ?

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6 minutes ago, markyh said:

But 21 million Bitcoin is it. No other form of asset is harder. This is the key for me. True hard money store of value. Like Jiltedjen’s fav saying. Digital Gold 2.0.

Well, that's not quite true.

42 million bitcoin. It forked, so people can divide their money between 42 million of those units if they want. And of course, it has forked again and again and also many others sprung up. So there are now infinite number of virtual coins available. 

If everyone want to continue to buy just one of those coins, ok, but not sure why they would.

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1 hour ago, dugsbody said:

Well, that's not quite true.

42 million bitcoin. It forked, so people can divide their money between 42 million of those units if they want. And of course, it has forked again and again and also many others sprung up. So there are now infinite number of virtual coins available. 

If everyone want to continue to buy just one of those coins, ok, but not sure why they would.

Like how gold is worthless as everyone puts their money into the much more numerous aluminium? 

gold is valuable as it’s a value store, there are rarer metals even more hard-wearing, but not as valuable as gold just because gold is the value store. 

Its why alts are worthless and bitcoin is gold 2.0

and why bitcoin can keep going up in value regardless of weather it’s used as digital cash. But to me it seems it was never really about being digital cash, it’s structured and always has been as a value store from day 1. 

Edited by jiltedjen

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13 minutes ago, jiltedjen said:

Like how gold is worthless as everyone puts their money into the much more nunerous aluminium? 

gold is valuable as it’s a value store, there are rarer metals even more hard-wearing, but not as valuable as gold just because gold is the value store. 

Mira why alts are worthless and bitcoin is gold 2.0

and why bitcoin can keep going up in value regardless of weather it’s used as digital cash. But to me it seems it was never really about being digital cash, it’s structured and always has been as a value store from day 1. 

The point is, it is sentiment, and tech trends go easily out of fashion while gold has millennia of history backing up the sentiment. 

Bitcoin could easily become worthless in under two years if enough critical mass swung to some newer incarnation that did the job better. The concept is not finite in supply.

But imagine being the group of programmers at Goldmans who designed and released it under that fake Satoshi character. Laughing all the way to the ... err .. bank.

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If bankers killed themselves off by making bitcoin then fine if a few get mega rich.

at the moment houses are the value store, and private banks can print as much money as they like via lending. All value flows to private banks. 

bitcoin is not controlled by anyone, it’s distributed. it can’t be killed. the cat is out of the bag. Once it’s invented it’s inevitable  it would go the way it’s going. 

gold should be worth a hell of a lot more, but as there are no audits, and no-one takes delivery it’s stopped acting like a value store like it has for thousands of years. it’s just paper contracts. bitcoin is a better gold, can’t be printed, true limited supply and it’s an open ledger, it’s more transparent than anything before, even fiat. 

yet open to anyone as it has fractions. 

the thing with bitcoin is it will change a lot of things in the world, houses stop being a value store for a start, this will take years, but once it gains true traction it will happen quickly.

and in the race to the bottom with fiat, I actually think governments quite like bitcoin, it will speed up the destruction of fiat and bring back inflation. 

People get bogged down with alts as they have exposure to rubbish, or feel like they have missed out. But it’s fogging their vision. When eventually they may be forced to buy in many years later for a tiny fraction of a whole bitcoin just to preserve wealth. 

i have said for ages it’s moronic to not even have a small sensible allocation than bitcoin in a varied portfolio just to be prudent. 

Even those who hate bitcoin on this thread have some exposure, which is sensible. 

holding altcoins was always a bad idea. any value in altcoins just finds its way back into bitcoin. 

Edited by jiltedjen

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Looking forward to the satoshi rip that's about to happen with XRP. 

Has happened 4 times in 5 years and it's been 18 months since the last one. Going to be one hell of a ride. 

Rumours abound regarding Amazon and Apple joining the party. 

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On 11/05/2019 at 14:13, doomed said:

Well watching this rally has hurt. Have orders at just under $7k in case it goes again, or will buy any dip.

This was 6 weeks ago haha wtf.

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17 minutes ago, doomed said:

Ok, just moved back to cash. If I f@ck this up I am done trying to swing trade crypto.

Good luck. I then no we are due a pull back of 30-40%. Don’t you have an investment crypto portfolio you never touch or do trade it all?

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32 minutes ago, markyh said:

Good luck. I then no we are due a pull back of 30-40%. Don’t you have an investment crypto portfolio you never touch or do trade it all?

I got completely out late 2017/early 18. The amounts I am trading with now allow me to move fully in and out of market with minimal slippage. I do not have the same conviction I once had when I first got involved, although really do believe in the concept of decentralised, scarce money.

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12 hours ago, UberMonkeySmallAndChunky said:

With mining costs though? miner values them due to their costs of production.  So if people want bitcoin they have to pay a reasonable price?

Mining costs are a lagging indicator of price and are no help whatsoever determining a fair value.

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5 hours ago, dugsbody said:

And of course, it has forked again and again and also many others sprung up. So there are now infinite number of virtual coins available. 

If everyone want to continue to buy just one of those coins, ok, but not sure why they would.

Try and work out why people are mostly buying bitcoin in preference to the thousands of other coins including forks and you will uncover the most elementary property of digital scarcity.

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4 hours ago, dugsbody said:

The point is, it is sentiment, and tech trends go easily out of fashion while gold has millennia of history backing up the sentiment

Yes but people dont live for millenia. People value gold because they have never experienced it being anything else but valuable during their lifetime. In another few years there will be adults who have never known a world without bitcoin. If I ask my 14 YO step son if he'd rather have gold or bitcoin he would say bitcoin without hesitation.

Quote

Bitcoin could easily become worthless in under two years if enough critical mass swung to some newer incarnation that did the job better.

Cant believe anyone on this thread is still clinging on to the well debunked "myspace" theory. Its like someone has wiped your memory up until yesterday - have you really learned so little from your time on this thread ?. You didnt mention tulips though which probably a blessing.

Edited by goldbug9999

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  • 242 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% +
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      • Even
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      • up 5%



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