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Shoot me down, but a few members seems a bit obsessed with this thread.  There are a lot of threads on HOUSEpricecrash and other things to do in general than aggressively defend Bitcoin (e.g. see fami

They could certainly put various things in place to try and stop but I just don't seem them doing it. Obviously they could make dealing, trading, holding or using bitcoin punishable with 10 years

Bitcoin Cash can and will scale on chain. The technology advance within the next decade will allow it to happen with ease and always remain ahead of demand. What Core have done to Bitcoin is criminal

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48 minutes ago, markyh said:

Made me lol. Wife isn't that Bad. I had lots of crap running mining rigs in my study mancave in 2013/14 for nearly 2 years, telling the wife my small Bitcoin/ litecoin / Crypto stash would make us wealthy and clear a mortgage. bigger house one day. As it cost her nothing and she still had her £3k-£5k annual summer hols she didn't moan as such. Plus i got her pregant in 2013 and after not feeling right in Egypt in summer 2013 we found out on return we were having kid no 2 out of the blue after 5 years of trying, who has just had 7th birthday, came along in Feb 2014, so she was "mummy again" distracted. 

2017 was an eye opener for her when i told her mid 2017 it was all now worth £40k, and by Xmas £100k.  She was happy then and didn't really say to much when it dropped to £18k by late 2018. I told here i was buying more "in the dip". Again, fine it's your money. 

Then i bought her £2k BTC in at Xmas eve, now worth £4.3k, and my stash worth over £280k, and me saying should be able to sell 1/2 and be mortgage free by Xmas, still have enough left to be rich by 2025/2029.  So now i'm a foooking genius in her eyes and all our nocoiner friends and neighbours who know i invested in Bitcoin, and got a shock in 2017, then mocked in 2018/19 are now probably sitting in lockdown doing mental maths and saying, bugger me the MarkyH's must be loaded now BTC is over £50k, and we own none! 

Yesterday she was talking about if it gets high enough she may give up work ( a £50k p/a job!!), to which i replied, Then how will you pay for the bills and stuff. With out money from Bitcoin she says. I say, Really, you have a secret stash also worth nearly £300k too? No she replies, we have "Your Bitcoin". 

Yes i reply, and when you find and investment and put money into it and generate a £270k return in 7 years, you can then use that money to give up work. Until then. sorry you keep working or i walk with all "my money". 

She took the hint!  But i will probably crack if my second 50% gets me to £1m+ in the next 4-8 years. I told her if she wants her £200k extention she needs to work to pay for it, but we can start planning it in 2022 for build in 2024/25, or sooner depending what happens to Bitcoins 4 year cycle now. 

She seems happy with that and she knows first chance i get i'm buying us a Tesla Model Y performance as a treat.  

I also reminded her i'm not giving up work and once covid is over and its 90% normal i'm spend 2-3 years really going for it with my own business, mortgage free, before easing off to semi retirement at 55. 

Good that your head is screwed on properly. Very easy to cash out, splash the cash, quit work and you will just run your reserves down. I'm extremely bullish and I hope to get to a point to live of the interest with the great yielding crypto can give.

You never see the rich spending big chunks of their money, instead they let it work for them

 

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2 hours ago, HovelinHove said:

First North American Bitcoin ETF launched today. I will not be buying it for reasons no one here would understand (faith based)

One of the things I found interesting about bitcoin was that it is not fundamentally interest-based. Like, most USD is borrowed into existence at interest which is frowned upon by some religions.

2 hours ago, HovelinHove said:

I am hearing rumblings in some US jurisdictions of taxing unrealised gains and exit taxes for people trying to leave the country. California I think. I can easily see how Bitcoin gains will be a very soft target, and if this comes off even the hodlers or whatever they are, will get squeezed and be forced to sell to pay the tax man.

Taxing unrealised gains would be a major reveal of the unfairness of the system. Possible, but would be a very extreme change. Could lead to a revolution, secession or mass exodus.

2 hours ago, HovelinHove said:

I also think it has the potential to bring everything else down with it if panic selling ever sets in once it reaches those highs.

Agreed. As I suggested before this has echoes of the South Sea bubble, eventually getting tied into treasury swaps and governance architecture. Congress critters tend to front run markets (and fiddle with on/off legalisation to exempt themselves from insider trading laws, etc) and get corrupted. If this thing is measured in many % of global GDP when it crashes, the economic devastation will set a new record in history.

Everyone will blame Bitcoin, but it wouldn't be Bitcoin's fault. The problem is the denominator, not the numerator. Every major bubble is an inverse credit bubble in the funding currency. The dollar lending would be the cause.

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38 minutes ago, Londonkid said:

In do enjoy your posts. Good boost of hopium

Thanks. 👍. It's to help @warpig@Chunketh@mrlegend123etc to make up their mind.

 

https://www.coindesk.com/no-bitcoin-is-nothing-like-the-south-sea-bubble @Mixle

 

https://dailyhodl.com/2021/02/18/max-keiser-unveils-massive-bitcoin-price-prediction-says-us-dollar-in-hyperinflationary-collapse-against-btc/

“The reason why Bitcoin is skyrocketing is because there’s hyperinflation in America. And the US dollar is in a hyperinflationary collapse against Bitcoin. And the solution, as we’ve been describing by these policymakers, will always be to print more money. So that means that Bitcoin is on a one-way trip higher because they have no other policy solution than to print money.”

He points to the 2008 financial crisis as the start of a spiral that brought forth and continues to fuel Bitcoin’s ascent.

Keiser, who is an early Bitcoin investor, says the digital asset’s parabolic ascent could ultimately take BTC to about the $2 million mark.

https://cryptonews.com/news/the-bond-king-goes-from-bitcoin-is-a-lie-to-btc-maybe-the-st-9273.htm

 

https://cryptopotato.com/bitcoin-price-now-stands-at-80000-in-nigeria/

 

https://cryptopotato.com/btc-has-a-10x-potential-says-the-motley-fool-and-plans-to-buy-bitcoin-worth-5m/

Think you went back into the history books for a similar revealing quote @MonsieurCopperCrutch

Bitcoin is no stranger to changing people’s (or companies’) minds, especially during the latest bull run, and it seems that The Motley Fool is the latest example.

Prior to its plans to buy BTC, the financial advisory giant has been openly negative on the primary cryptocurrency in the past. One of the first attacks was in 2013, after the asset had surged by more than 1,200% in less than five months to $240.

However, the company blasted BTC’s overall performance, neglected its potential increases, and called it a “horrible investment.”

Nevertheless, this “horrible investment” had to skyrocket by over 20,000% in the next eight years to garner The Motley Fool’s attention.

 

https://cointelegraph.com/news/congress-is-blaming-robinhood-not-reddit. Wrong thread, I know, sorry.

 

https://www.theblockcrypto.com/linked/95377/fidelity-charitable-crypto-donations-2020

Bitcoin doing good for the charitable sector...It's everywhere.

 

https://www.theblockcrypto.com/linked/95373/kpmg-coin-metrics-bitgo-product-suite-institutional-crypto-adoption

Auditing giant KPMG and crypto data firm Coin Metrics are enabling BitGo clients to monitor public blockchain network risks.

 

https://www.coindesk.com/kpmg-bitgo-coin-metrics

 

https://cryptobriefing.com/bitcoin-could-rise-20000-prior-to-overbought-territory/

 

https://ambcrypto.com/bitcoin-and-institutions-who-needs-the-other-more/https://cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k

 

https://cointelegraph.com/news/bitcoin-whales-continue-to-accumulate-despite-btc-price-holding-above-50k

"An interesting macro cycle : Number of addresses holding between 1,000 and 10,000 BTC has been decreasing during the last bull run, but this time it's only picking up to speed. The second picture also shows where exactly these wallets are acquiring their BTC."

 

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5 hours ago, warpig said:

I'll agree nothing adheres to chart all the time, but in order to establish itself as an investment class, it will need to at some point... 

One could equally say: in order for chartism to establish itself as credible it will need to at some point change to take account of things like Bitcoin that basically it can't cope with at the moment...

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42 minutes ago, yelims said:

Sold 10% of my 7 figure (measured against euro) holding today, either best decision ever or up there with that time I spent 4 Btc on pizza 

That sounds very sensible.

If it goes up, you've only lost 10% of your gains - but if some reason it did crash to zero you've banked a significant (to most people life-changing) sum already.

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1 hour ago, yelims said:

Sold 10% of my 7 figure (measured against euro) holding today, either best decision ever or up there with that time I spent 4 Btc on pizza 

Congratulations. Sounds sensible to me whatever happens

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4 hours ago, goldbug9999 said:

No you cant because all the others are already established. This isnt like a-n-other stock or anything else its an entirely new form of money.
 

It cannot be predictable or smooth because the positive feedback leads to volatility. \even Gold and Silver dont follow smooth curves, its really not possible for something who value lies in scarcity to do so.

What I'm trying to say is - you can't necessarily attribute 100% of BTC's value to the fundamentals of BTC. There are other factors at play that shouldn't be ignored, like there's an enormous amount of money sloshing around looking for yield or capital appreciation. Like a plague of locusts having devoured a crop, are always looking for the next crop. They have no love for the fundamentals of BTC, just the profits it offers at a point in time. The bond market is enormous compared to the stock market... with negative rates on the immediate horizon, money pouring out of the bond market have and will continue - to distort prices in all asset classes.

Price spikes make me concerned it's attracted opportunistic investors. If the price stays in the channel in my chart, I'm less concerned. If the value of BTC is erratic, then I'm more concerned and I'll be less likely to invest until they move on to their next crop. At the moment the channel is holding true, but we'll see what happens over the next few weeks.

image.thumb.png.8fdf4e733aedd420194370a44181465d.png

Maybe we should call gold - godl (grab on for dear life) because despite the fundamental reasons for owning godl since 2007, the locusts moved on in 2011.

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5 hours ago, Buffer Bear said:

@warpigWhat would it take to jump in now?

Until I read this! So you're sitting on profits but they're not real as you didn't invest the money.  Are you flipping' serious?! 🙄

It needs to adhere to my chart or at least some sort of predictable pattern, that shows me it's maturing. I fully appreciate no one here believes you can chart BTC... but let's just see what happens. So I won't buy now, but it if tracks my second descending blue line, I'll look to buy then.

No even with imaginary money, I wouldn't have bought in yet. Although I was thinking today, I wish I'd spent £50 on BTC back when it was $5 a coin.... but no... why would I buy something I could mine myself. Seemed like a waste of money at the time! :)

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4 hours ago, Buffer Bear said:

Thanks. 👍. It's to help @warpig@Chunketh@mrlegend123etc to make up their mind.

"So that means that Bitcoin is on a one-way trip higher because they have no other policy solution than to print money.”

It will be interesting to see how BTC performs under market stress conditions... the problem is even good assets sell off, when bad assets underperform. It seems counterintuitive, but it happened to gold back in 2008.

 

 

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3 hours ago, scottbeard said:

One could equally say: in order for chartism to establish itself as credible it will need to at some point change to take account of things like Bitcoin that basically it can't cope with at the moment...

We'll see.

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53 minutes ago, warpig said:

It needs to adhere to my chart or at least some sort of predictable pattern, that shows me it's maturing. I fully appreciate no one here believes you can chart BTC... but let's just see what happens. So I won't buy now, but it if tracks my second descending blue line, I'll look to buy then.

No even with imaginary money, I wouldn't have bought in yet. Although I was thinking today, I wish I'd spent £50 on BTC back when it was $5 a coin.... but no... why would I buy something I could mine myself. Seemed like a waste of money at the time! :)

Any predictable pattern in a market will be exploited and therefor become unpredictable. Thats why you can see patterns in the past, but they don't make you money in the future. It's really not complicated. Good luck mate.

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3 minutes ago, Acid In The Punch Bowl said:

Any predictable pattern in a market will be exploited and therefor become unpredictable. Thats why you can see patterns in the past, but they don't make you money in the future. It's really not complicated. Good luck mate.

Not everyone draws their charts the same way and just because the price rattles around in a channel, doesn't mean it can't pop or drop out and form a new channel, either above or below. If you look at charts across asset classes, you will see an odd synchronicity between them... So there's an art to predicting price movement across asset classes and only the truly informed get it right. Charts absolutely work. *

* most of the time

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9 hours ago, dannyf said:

Maybe you can be honest with us. The only energy use you salty no coiners are bothered about is bitcoins, because you want to somehow be right that bitcoin is bad, to justify having missed out. I bet you have never once complained about the energy use of anything else.

I like how you're now attacking 'no coiners' instead of simply admitting you prioritise the purchase and promotion of something that is completely superfluous to human life (if bitcoin disappeared entirely tomorrow as if it had never existed nothing physical would change in the world) over and above the global environment. 

I've also posted in the last 24hr mocking gas guzzlers, so yes I complain :D 

At least @longgone isn't busting into every thread demanding we all buy EarthDeathCoins and insinuating anyone who doesn't want to (Does Free Will Still Exist: Bitcoiners Hope Not) is a pathetic idiot. Do you get how insulting that is?

You've asked me to be honest so here I am being honest. Having Bitcoin, a useless product that inspires an insane level of obsession in every one of its converts, rammed down my throat on every second thread here is gnawing my bagpipes. I'm very happy you're all going to be millionaires, mazel tov, good luck! But it's a product that is inherently bad for the entire world on a grand scale and I'm yet to see a single one of the prophets of BTC simply admit you do not give a * about any of that as long as it make you rich. Your turn to be honest.

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5 hours ago, warpig said:

What I'm trying to say is - you can't necessarily attribute 100% of BTC's value to the fundamentals of BTC. 

True, but only because you can't attribute ANYTHING's value 100% to fundamentals.

5 hours ago, warpig said:

I fully appreciate no one here believes you can chart BTC...

True, but in my case only because I don't think charts are meaningful for ANYTHING  (my last comment about chartism needing to update itself was just facetious)

9 minutes ago, PeanutButter said:

it's a product that is inherently bad for the entire world on a grand scale and I'm yet to see a single one of the prophets of BTC simply admit you do not give a * about any of that as long as it make you rich. Your turn to be honest.

It's only really the MINING of BTC that is bad for the environment, and around 19 million of the possible 21 million BTC have already been mined.  Me buying one that was mined years ago doesn't damage the environment, similar to the way buying a 50 year old ivory ornament doesn't result in another elephant dead.

But no - fundamentally I will happily admit that I do things that are bad for environment but good for me.  I have pre-COVID had dozens of foreign holidays by aeroplane, used countless plastic bottles when I could have used a cup etc etc  If the rules change FOR EVERYONE (like energy saving lightbulbs, or banning petrol cars etc) I follow the rules, but voluntarily choosing to do something good for the environment but bad for me doesn't make sense in my book.  My own personal impact on the environment is totally negligible at a global level, and I'm not going to sit around being the only one not jetting off on holiday or the only one not getting rich with BTC whilst those around me do.

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19 minutes ago, PeanutButter said:

I like how you're now attacking 'no coiners' instead of simply admitting you prioritise the purchase and promotion of something that is completely superfluous to human life (if bitcoin disappeared entirely tomorrow as if it had never existed nothing physical would change in the world) over and above the global environment. 

I've also posted in the last 24hr mocking gas guzzlers, so yes I complain :D 

At least @longgone isn't busting into every thread demanding we all buy EarthDeathCoins and insinuating anyone who doesn't want to (Does Free Will Still Exist: Bitcoiners Hope Not) is a pathetic idiot. Do you get how insulting that is?

You've asked me to be honest so here I am being honest. Having Bitcoin, a useless product that inspires an insane level of obsession in every one of its converts, rammed down my throat on every second thread here is gnawing my bagpipes. I'm very happy you're all going to be millionaires, mazel tov, good luck! But it's a product that is inherently bad for the entire world on a grand scale and I'm yet to see a single one of the prophets of BTC simply admit you do not give a * about any of that as long as it make you rich. Your turn to be honest.

Producing CO2 is definitely bad and bitcoin contributes to this (just now). But, if it replaced gold as a store of value, could it end up having a net positive benefit? The lower the price of gold, the less gold is being mined, less rivers polluted etc. Mining bitcoin consumes more energy / $ worth of bitcoin than mining a $ worth of gold but this at least could be from renewables and does not take into account the other polluting aspects of gold mining. Also, the waste heat from bitcoin mining rigs can be used so the energy wouldn't be wasted in this case. The heater / bitcoin mining rig start-up is a good example of this. I'm not convinced by these arguments but something to consider, Bill Gates has said he is neutral on Bitcoin and I imagine that he has considered the environmental impacts both good and bad, I dont thin Elon Musk would endorse it either if he thought it was bad for the environment. A global carbon tax would fix the problem IMO

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38 minutes ago, PeanutButter said:

Your turn to be honest.

As I mentioned yesterday, I do a lot of very bad things for the environment. Meat, cars, holidays on an aeroplane, Bitcoin, shiny electronic and non-electronic stuff etc etc. They are merely tools I use to enjoy myself.

As @scottbeard alluded to, if I was to give up all those lovely environmentally unfriendly things, when then? Nothing happens (literally nothing at all) except I lose out on fun things and money. That's quite a tough sell and I wish you well trying to argue for it.

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9 minutes ago, scottbeard said:

Me buying one that was mined years ago doesn't damage the environment, similar to the way buying a 50 year old ivory ornament doesn't result in another elephant dead.

That's not correct. New blocks, which is the mechanism for transmitting transactions, are mined by miners. So sending "old" bitcoin to anyone else requires proof of work, which is the energy cost.

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