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The Bubbly Bitcoin Thread -- Merged Threads

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9 hours ago, markyh said:

Many, many , many people on here and elsewhere said the same thing in 2014 when we reached $1000. They were wrong. 

For me it’s easy, just wait until 2025 for two more 4 year cycles to complete, during which time either nothing has changed much past the 2017 ath and a £2k 2014 investment has given a 50x ish return and a nice savings pot in 11 years, or 50% sold out, mortgage free, retired in mid fifties and a fiat multi millionaire. 

Either way we are never seeing $1k or three figure btc again, and if we clear $20k doubt we will ever see four figure btc again either. 

BTC is getting squeezed again and I think the breakout will be to the downside, as we need a bigger pull back to $8k before slowly moving back to retest $14k by years end. A breakout higher while nice could bring a retest and break of $14k before summers end and a fomo retest of $20k before the end of 2019 which is too soon. I don’t want to see $20k broken until a month either side of the halving in 10 months time mid 2020, preferably after the event. 

We can watch how Litecoin reacts after its halving in the near future as a guide to what Bitcoin might do. 

if it works out for you then good it might be worth 100k a coin or 10p who knows.  for me there is no point investing. 2k invested in 2014 buys a heck of a lot more than it does now.  50k 100k whatever its not life changing money to me.  i have had 200k of fiat sat in various banks for over 10 years i struggle to find things to spend £50 on that i need.  

like i said too late in the game for me. good luck with it though. if i win the premium bonds as have 50k sat in that i will stick 25k into BTC if it goes below 2k and then forget about it. other than that i am out. 

11 hours ago, doomed said:

I am leaning towards this viewpoint. I have money invested but nothing that I couldn't shrug off if it went to zero. 

In my view BTC has not lived up to its original promise and people should be asking where the money is going to come from for the next 10x. There is better tech out there but in a now very crowded market place. For those with life changing amounts tied up I would tread carefully.

well you cashed already did you not ?  nothing to lose in that case. 

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13 hours ago, longgone said:

 

well you cashed already did you not ?  nothing to lose in that case. 

Money is money doesn't matter how you got it. 

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Who will win the battle to close above $12350 for a 2nd higher high the last few days? Bears or Bulls? Bears just pipped it yesterday, bulls trying really hard again today. If the bulls get it a retest of $13800 soon.

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On 28/06/2019 at 21:44, jiltedjen said:

First heard about it around £10 a coin, bought in betweeen £15 and £30 a coin. Felt like I missed the boat but wanted to be diversified and have some limited exposure for prudence, and just being sensible.

 £9,600 a coin now.

Diversification rules. 

i don’t count alt coins as being diversified as they have zero use case, they are worthless. 

I piled into alts in early 2016. Made a killing that I could never have done if I stayed in BTC. ETH is still a lot higher in BTC ratio then it was in Feb 2016. In fact it is higher than it was in spring 2017.

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On 28/06/2019 at 21:44, jiltedjen said:

i don’t count alt coins as being diversified as they have zero use case, they are worthless. 

https://cointelegraph.com/news/binance-to-switch-tether-addresses-from-omni-to-erc-20

Binance and other exchanges are switching from Omni (Bitcoin blockchain) to ERC20. It's ominous news, Bitcoin will slowly fade away when the price gets really high. Hello Nokia.

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41 minutes ago, lombardo said:

https://cointelegraph.com/news/binance-to-switch-tether-addresses-from-omni-to-erc-20

Binance and other exchanges are switching from Omni (Bitcoin blockchain) to ERC20. It's ominous news, Bitcoin will slowly fade away when the price gets really high. Hello Nokia.

Really? The best fud you could muster? I think bitcoin cares not that it's blockchain is not been used to moved coins around exchanges, especially tether, which will most likely die and be replaced with a better audited stablecoin one day anyway. 

It's like saying silver is replacing Gold to plate most speaker terminals, do you think the Gold community cares?

 

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4 hours ago, lombardo said:

It's ominous news, Bitcoin will slowly fade away when the price gets really high. Hello Nokia.

Thats the most hilarious nonsense on this thread since narco's gobshite about nano taking over the world.

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13 hours ago, lombardo said:

I piled into alts in early 2016. Made a killing that I could never have done if I stayed in BTC. ETH is still a lot higher in BTC ratio then it was in Feb 2016. In fact it is higher than it was in spring 2017.

LOL I bought ETH in 2015 when they were not even pennies. Just becasue I own Bitcoins doesn't mean I dont have full bags of the key alts. 

Edited by MonsieurCopperCrutch

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On 12/07/2019 at 11:41, markyh said:

No keys no coins. Only traders are targets. Investors should know to keep crypto off exchanges until the day you want to sell. 

Markyh, I'm curious. You seem to be the most realistic of the HODLers - how do you attempt to square the circle of the constant contradictions that crop up regarding BTC money vs. asset? (such as your comment above)

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6 hours ago, tomandlu said:

Markyh, I'm curious. You seem to be the most realistic of the HODLers - how do you attempt to square the circle of the constant contradictions that crop up regarding BTC money vs. asset? (such as your comment above)

I see Bitcoin as both, like JJ favourite comment, Digital Gold. We are what 150 years entrenched into a fiat paper money system of convenience, and nearly 50 years since it has been back d by Gold, that we just can’t envisage spending physical Gold as money/ currency via coinage. We see Gold as Bars, investment coins and jewellery that is very difficult to spend directly. 

Also plenty of people “invest” in currency over long terms to make profit, say converting $1m now into £pounds sterling now to hold for say up to 10 years in the hope sterling goes back to $1.75 it has been in the last 10 years to then “cash” out. Also lots of forex trading short term Days weeks months happening 24/5 to make profits on bets or exchange rates. 

Bitcoin can be both, you can spend it as currency in small or large amounts at a limited amount of vendors, or you can just hold it as a store of wealth. 

It will never replace fiat imho, but it will be a dominate unit of value that is secure, easily transferred, store of wealth and borderless and decentralised so it can’t be controlled and manipulated by any one State. 

When it gets there people will price in it directly and all fiat will price off it, rather than current vice versa. 

So as Gold was, it can be both a currency and a asset, just one for the digital age. 

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16 hours ago, markyh said:

It will never replace fiat imho, but it will be a dominate unit of value that is secure, easily transferred, store of wealth and borderless and decentralised so it can’t be controlled and manipulated by any one State. 

When it gets there people will price in it directly and all fiat will price off it, rather than current vice versa. 

So as Gold was, it can be both a currency and a asset, just one for the digital age. 

That seems very unlikely - after all, we don't price off Gold today (you don't hear on the 9'o clock news "the £ was down 0.xx Ounces of Gold today" ) so if Bitcoin is Gold v2.0 I don't think we'll hear "the £ was down 0.1 BTC" either?

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Having listened to the US Facebook Libra Senate house hearings yesterday and the Financial Services Committee hearing today, still on now, it is very obvious the USA is shit scared of Crypto and Libra and losing reserve currency control on the world. 

Wouldn't surprise me if the Libra consortium said fook it, lets drop 300 million USA Facebook users of our 2.5 billion worldwide users, exclude the USA from using Libra, and exclude the $ USD and US issued Bonds from the listed assets backing Libra and just get on with it. Plenty more liquidity in the world, it's not like the USD is 80% of world currency.

I wonder what the USA would do then?

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On 15/07/2019 at 17:24, markyh said:

It will never replace fiat imho, but it will be a dominate unit of value that is secure, easily transferred, store of wealth and borderless and decentralised so it can’t be controlled and manipulated by any one State.

Dr. Stephen Strange : I went forward in time... to view alternate futures. To see all the possible outcomes for bitcoin.
Peter Quill : How many did you see?
Dr. Stephen Strange : Fourteen million six hundred and five.
Tony Stark : In how many did it win?
Dr. Stephen Strange : ...One.

My main problem remains its deflationary nature. Pay someone in BC on Monday for something valued at £1, and by the w/e, they're a millionaire... you say "store of wealth", but to me that implies a stable value, and that ain't BC. BC needs to be able to expand and shrink to maintain value-stability (a store of wealth), but that's an anathema to all HODLers.

Edited by tomandlu

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7 hours ago, tomandlu said:

. you say "store of wealth", but to me that implies a stable value, and that ain't BC. BC needs to be able to expand and shrink to maintain value-stability (a store of wealth), but that's an anathema to all HODLers.

Ummm, better than stable value, it massively increases in value every 4 years, i'll take an ever increasing store of value over a stable one anyday. 3 Assets , Any worldwide property, Gold and Bitcoin.  Which one would you have rather put your money in in 2009? 

No contest.

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13 hours ago, tomandlu said:

My main problem remains its deflationary nature. Pay someone in BC on Monday for something valued at £1, and by the w/e, they're a millionaire... you say "store of wealth", but to me that implies a stable value, and that ain't BC. BC needs to be able to expand and shrink to maintain value-stability (a store of wealth), but that's an anathema to all HODLers.

Stability is a function of scale. Gold is 95% speculative value yet is extremely stable price wise because of the sheer scale of the market. I recon bitcoin needs to hit about 20-30% of golds cap before volatility starts to get reigned in i.e. about $2tn or $120k per BTC.

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12 hours ago, markyh said:

Ummm, better than stable value, it massively increases in value every 4 years, i'll take an ever increasing store of value over a stable one anyday. 3 Assets , Any worldwide property, Gold and Bitcoin.  Which one would you have rather put your money in in 2009? 

No contest.

It's better because it's a fantasy. A magic money tree to beat all magic money trees. Where is the value to come from? From a completely unearned claim on the labour of late entrants - why on earth do you think they'd sign up for that?

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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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      • up 5%



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