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The Bubbly Bitcoin Thread -- Merged Threads

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OK ... looking at some clues in the market ... someone earlier mentioned that there has been no uptick in google searches for "buy bitcoin" or similar. I saw a comment on twitter along the line of "institutional investors do not need to google how to buy bitcoin".  It seems that bitcoin and eth are leading the charge up and on the institutional front bitcoin and eth are the only ones with any traction.

So I'm going with the theory that this is a first wave of institutional buy in.

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7 minutes ago, goldbug9999 said:

 

So I'm going with the theory that this is a first wave of institutional buy in.

It is either that or Tether has gone completely rogue and are running the price up with freshly printed tethers and cashing out for real money.

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6 hours ago, markyh said:

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.

Except that people can always start new limited supply cryptocurrencies, which is exactly what happened.

Funnily enough, I've just created Dorkinscoin, only 1000 in existence and there aren't even any miners so it's harder than bitcoin. Do you want to buy one? You wouldn't want to be a no-Dorkinscoiner left out of the citadel.

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4 hours ago, jiltedjen said:

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

There are only 1000 Dorkinscoins versus 18 million bitcoins, Dorkinscoins are far rarer and therefore more valuable.

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48 minutes ago, Dorkins said:

There are only 1000 Dorkinscoins versus 18 million bitcoins, Dorkinscoins are far rarer and therefore more valuable.

The reason that your dorkinscoins have no value and will never have any value,  is the same reason that bitcoin does and will continue to have.

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1 hour ago, Dorkins said:

There are only 1000 Dorkinscoins versus 18 million bitcoins, Dorkinscoins are far rarer and therefore more valuable.

Everyone that has made that joke on this thread (and you aren’t the first) was not successful with their own coin (or their joke)

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1 hour ago, Dorkins said:

There are only 1000 Dorkinscoins versus 18 million bitcoins, Dorkinscoins are far rarer and therefore more valuable.

Does your dorkcoin have a net hash and therefore security of 60TH?

Thought not. Bitcoins value is in that is it decentralised and cant be hacked, even my the fbi, the cia and the fed.

This is why btc is no1 and every other coin is a shit coin. 

 

https://coinmarketcrap.co/

Edited by GreenDevil

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1 hour ago, Dorkins said:

Except that people can always start new limited supply cryptocurrencies, which is exactly what happened.

Funnily enough, I've just created Dorkinscoin, only 1000 in existence and there aren't even any miners so it's harder than bitcoin. Do you want to buy one? You wouldn't want to be a no-Dorkinscoiner left out of the citadel.

No miners? Who controls the generation of blocks? Sounds like a centralised shitcoin inferior to Bitcoin. No thanks.

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1 hour ago, goldbug9999 said:

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.

You have confirmation bias.

Bitcoin could go to zero (or near more accurately) any time. Because it is sentiment based. I could buy a house. I could always live in that house. It will always have some utility value.

Bitcoin has zero utility value. I mean, literally zero. People do not need it at all. The price is, 100%, pure speculation.

You don't have to like my opinion, I don't mind. But it's true. And I'm ok with that. I still think there are enough idiots around to bid the price up even more, therefore I own bitcoin.

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1 minute ago, dugsbody said:

Bitcoin has zero utility value. I mean, literally zero.

Acting as a store of value outside government control has utility value.

Governments can print fiat, confiscate gold and tax houses (and indeed have done all of these things).

They can’t touch bitcoin, much as they’d love to.  

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1 minute ago, scottbeard said:

Acting as a store of value outside government control has utility value.

Governments can print fiat, confiscate gold and tax houses (and indeed have done all of these things).

They can’t touch bitcoin, much as they’d love to.  

Actually, I will admit to that. Except, they can and do tax crypto, and theoretically confiscate it in the same manner as gold. You don't have to give it up but you'll end up in jail otherwise.

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7 minutes ago, dugsbody said:

Bitcoin could go to zero (or near more accurately) any time. Because it is sentiment based.

So could gold (well maybe $50 / oz residual value due to industrial uses)

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6 minutes ago, scottbeard said:

Acting as a store of value outside government control has utility value.

Governments can print fiat, confiscate gold and tax houses (and indeed have done all of these things).

They can’t touch bitcoin, much as they’d love to.  

So does being able to transact with anyone worldwide without a third party skimming off excessive fees.

 

4 minutes ago, dugsbody said:

Actually, I will admit to that. Except, they can and do tax crypto, and theoretically confiscate it in the same manner as gold. You don't have to give it up but you'll end up in jail otherwise.

Some currently tax capital gains. I haven’t heard any taxing the holding. And it’s extremely hard for them to prove you possess a private key to an address

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34 minutes ago, dugsbody said:

Bitcoin has zero utility value. I mean, literally zero. People do not need it at all. The price is, 100%, pure speculation.

 

Rubbish. You don't need it doesn't mean others don't find value in it. You're part of the lucky few on this planet who have easy access to financial services, in a relatively stable democracy with no need to send money across borders. A lot of the world is not like that. One of Peter McCormack's podcasts recently case studied a company which uses Bitcoin to help economic immigrants send money back to the Phillipines for a fraction of the cost in fees compared to other means and low friction. The Chinese use it to bypass strict currency controls, and Venezuelans use it to buy groceries.

 

Move out of your bubble and you might see this.

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3 hours ago, JawKnee said:

 

Rubbish. You don't need it doesn't mean others don't find value in it. You're part of the lucky few on this planet who have easy access to financial services, in a relatively stable democracy with no need to send money across borders. A lot of the world is not like that. One of Peter McCormack's podcasts recently case studied a company which uses Bitcoin to help economic immigrants send money back to the Phillipines for a fraction of the cost in fees compared to other means and low friction. The Chinese use it to bypass strict currency controls, and Venezuelans use it to buy groceries.

 

Move out of your bubble and you might see this.

+1

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9 hours ago, Dorkins said:

Except that people can always start new limited supply cryptocurrencies, which is exactly what happened.

Funnily enough, I've just created Dorkinscoin, only 1000 in existence and there aren't even any miners so it's harder than bitcoin. Do you want to buy one? You wouldn't want to be a no-Dorkinscoiner left out of the citadel.

Nope because A) Dorkinscoin is not secured buy the works biggest decentralised hashpower network, so is not secure (which also gives Bitcoin intrisinc value BTW)

                            b ) As their are no miners it is centralised, so can be shut down by the Gov "taking you out" anytime

                            C ) Well, anything with "Dork" in the title scream salty no-coiner.

 

Ooooooo it's getting fun again, the salty nocoiners who missed the gainz in 2017, had the chance to enter cheap in late 2018 early 2019, are now coming back. Now we just need the one post that mentions Ponzi, Bubble, tulips and goverments will ban crypto and we will be off again.  

 

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4 minutes ago, markyh said:

Ooooooo it's getting fun again, the salty nocoiners who missed the gainz in 2017, had the chance to enter cheap in late 2018 early 2019, are now coming back.

I own bitcoin because people like on this thread exist. They believe it has value, so it has value. I'm betting that enough of you continue to bid the price up (though, who here has actually been buying more?).

So it isn't saltiness. You're becoming infected by that horrendous cesspit bitcoin sub on reddit where everyone gets banned unless they contribute to the pro-bitcoin propaganda. If they don't, they have to be a troll, because "who couldn't believe in bitcoin".

I've made the same arguments all along. Bitcoin could disappear tomorrow and the world wouldn't care at all, except for those who hoped to get rich from it.

The claims of utility, helping a few "unbankable" are, in my opinion, dubious, for a variety of reasons.

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8 hours ago, goldbug9999 said:

So could gold (well maybe $50 / oz residual value due to industrial uses)

Yes, agreed. But unlikely because there is a lot more history and sentiment behind it.

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7 hours ago, GreenDevil said:

270k views in few weeks.

 

Watched this a few weeks ago, really liked it. Especially, "Watch what they do, not what they say" Peter Shiff owns Bittcoin!!! lol

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8 hours ago, goldbug9999 said:

So how do they prove that you own bitcoin ?.

In many cases they can't but clearly people who are using bitcoin to avoid the laws that we as a society communally agreed (taxation) are not abiding by the social contract and probably should be nervous that it'll catch up to them in the long run.

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36 minutes ago, dugsbody said:

In many cases they can't but clearly people who are using bitcoin to avoid the laws that we as a society communally agreed (taxation) are not abiding by the social contract and probably should be nervous that it'll catch up to them in the long run.

Why don’t they throw all plumbers , kitchen gutters and builders in jail then? Saying that I have a kitchen fitter mate who is under investingation now from HMRC, always boasted he had at anytime £25k cash in his home safe, holidays abroad every year all on Facebook, all paid cash, all cars, shopping, groceries and going out paid by cash. Now sweating as he is having trouble justifying we’re the money came from for HMRC as they have no bank records of the lifestyle they live on Facebook. Tiffany bracket bragging by his wife may cost them their house if HMRC take action.

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2 minutes ago, markyh said:

throw all plumbers , kitchen gutters and builders in jail then? 

Yes they should chuck away the key.

This thread will go quiet again when the hodlers never sell and it goes back to 2k 🤣 

 

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  • 242 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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