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Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Mar 14, 2020

Marchas45 wrote:Been trying to buy BTC on the boards but no one is selling so I had to buy on Coinbase, just bought at around $5300. If still low on Monday I'll buy some more. I hate those damn fees.


I hear you about the fees, but they are a necessary cost of doing business with a reputable American business and not a risky offshore exchange. Coinbase was the first US exchange that allowed US citizens to purchase bitcoin, and they are excellent about timely withdraws.
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Omicron13
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Re: Bitcoins - fad or trend?

Postby Omicron13 » Sat Mar 14, 2020

Marchas45,

Try getting an account at Gemini Trust run by the Winklevoss twins. I believe it’s the only registered BTC and Ethereum exchange in the US. They do require KYC registration but ask for their Active Trader screen and you’ll find that the fees are wayyyy lower than Coinbase

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Mar 18, 2020

I agree, I am very pleased with Gemini. I don't trade, but my few transactions were smooth and simple.
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bankmining
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Re: Bitcoins - fad or trend?

Postby bankmining » Fri Mar 20, 2020

Geez, here’s the big swing going the other way.

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Re: Bitcoins - fad or trend?

Postby tdtwedt » Sun Mar 22, 2020

Did Crypto-Miners Crash Bitcoin Price With 51 Days Before The Halving?

https://www.zerohedge.com/crypto/did-cr ... ys-halving

:pop:
There are more ways than one to skin a cat.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 22, 2020

Interesting post
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Tue Mar 31, 2020

tdtwedt wrote:Did Crypto-Miners Crash Bitcoin Price With 51 Days Before The Halving?

https://www.zerohedge.com/crypto/did-cr ... ys-halving

:pop:


This is a long video but it is insightful. Skip to about 19:40 where it gets most interesting if you're short on time. The video details out how miners will be affected by the upcoming halving. He predicts about 30-40% of miners will become unprofitable and stop operations. The next bull market will likely ensue between July/August 2020 til perhaps the end of 2021. If we don't hit all time highs in this next bull run, I will begin to question the legitimacy of bitcoin performing like I expected. Matt believes there will be another pullback though before the next bull run starts. If we see another crash in the sub $3k range, be quick and nimble and have the buy orders ready!
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grantwoodisgold
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Re: Bitcoins - fad or trend?

Postby grantwoodisgold » Wed Apr 01, 2020

https://coinmarketcap.com/

can you believe the price of Toilet Paper Token :shock:
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"Better 1 or 2 years early than 1 day late"

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ttitle
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Re: Bitcoins - fad or trend?

Postby ttitle » Wed Apr 01, 2020

Can I trade Toilet Paper Token for my QRL?

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grantwoodisgold
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Re: Bitcoins - fad or trend?

Postby grantwoodisgold » Thu Apr 02, 2020

John McAfee says this is the ultimate apocalypse, here’s his game plan



:duck:

(also posted in kitco vid thread, could also be listed in the CCP Virus thread)
"SAUSAGE FLAVORED MEAT PELLETS, GRADE D BUT EDIBLE"
"Better 1 or 2 years early than 1 day late"

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Apr 03, 2020

Crypto, QEternity, & "We Won't Know Hyperinflation's Happening Until It's Too Late"


https://www.zerohedge.com/crypto/crypto-qeternity-we-wont-know-hyperinflations-happening-until-its-too-late
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Apr 03, 2020

Where's my $1200 helicopter money?!! I'm gonna buy Bitcoin or Silver.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Apr 05, 2020

Binance has purchased CoinMarketCap.com

CZ explains it at the 15:25 mark:
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Apr 20, 2020

ZH: Jim Simons' Medallion Fund Signals Entry Into Crypto Markets Ahead Of Historic Halving.
https://www.zerohedge.com/crypto/jim-simons-medallion-fund-signals-entry-crypto-markets-ahead-historic-halving
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Apr 25, 2020

YouTube: 80 Trillion Dollar Bitcoin Exit Plan.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Apr 25, 2020

YouTube: Bitcoin Q&A: What Will Be The Effect Of The 2020 Halving? (Andreas Antolopolus)

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Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Apr 29, 2020

InfleXion wrote:I'm not a crypto expert, but I have long anticipated no reason the marketshare can't be flooded with copycats, so choosing the right one could be a challenge. Though most tend to move with each other, they could dilute each other as well by dispersing demand. With BitCoin having a built in deflation algorithm due to periodic "halving" (reaping half what you sow in energy compared to pre-halving) there may come a day where miners jump ship to a more lucrative crypto, or maybe not. It may also be worth noting that even though BitCoin loses half or more of its value every so often, it tends to come back and break new highs eventually as well. One other thing I would keep in mind is that exchanges are the gatekeepers to get your funds out, so I wouldn't park too much that you might need to get out. Also many central banks are planning their own cryptos, as are cereal companies, hotels, you name it. To me the market seems to be getting oversaturated with competition, and there's only so many people/funds looking to get into it. In my opinion the good deals are long gone, but as long as you are only investing what you can afford to lose it'll be worth the cost of any lessons. If history is any indicator, buying on the way down has worked out pretty well.


Thanks for the insights. Let me address a few of these concerns as I'm sure you're not the only one who feels this way.

1) Market flooded with copycats; dilution & dispersion of demand.
Let's look at bitcoin dominance. Currently it stands at over 64%. In January 2017 it was around 85%, so it is obviously going down right? No. The bitcoin dominance low point was 32% in January 2018, which is precisely when bitcoin's price was at near all time highs. Bitcoin's price increase helps all of crypto, and even when the bitcoin dominance falls it isn't hurting price. Additionally, the security of bitcoin and the amount of effort to attempt a 51% attack against the network is the gold standard in all of crypto. Many of these altcoins can be 51% attacked with little effort. If/when major hedge funds move into crypto they aren't going to be buying into illiquid small time altcoins. They will be buying bitcoin/ethereum/ripple.

2) Exchanges are gatekeepers.
Agreed. Don't store your bitcoin on exchanges. Get a hardware wallet like a nano ledger or a trezor and hold your own crypto.

3) Companies and central banks planning their own cryptos. So what. This will not reduce the demand for bitcoin it will actually increase the demand. All of these companies and central banks will NOT be issuing decentralized, censorship resistant, immutable blockchains. They need to be "in control" and therefore none of them will actually compete with bitcoin's selling points. In the same way that my credit card miles don't detract from me wanting bitcoin (they serve different purposes), neither will Capital One's "crypto" detract from me wanting bitcoin.

4) Only so many people/funds looking to get in; good deals are gone.
There are 180 government currencies across the globe. The total global money supply in 2017 was over $127 trillion*. Bitcoin's market cap is under $250 billion. That is 0.196% of the global money supply. If bitcoin became any type of world reserve currency, it could easily go up 100x from current prices (nearly $1 million per bitcoin). Some would say this is an impossible outcome. But why? If there is even a 1% chance of this happening we'd be foolish not to try to obtain at least 1 bitcoin as a hedge against this tail risk. And even if it doesn't happen, it could still be wildly successful without hitting that mark. If one country announces it has stopped buying USD as a reserve currency and now will be holding bitcoin instead, how long would it take before another follows, and then another? This market is super young and has plenty of room for growth. How many people do you know in the real world who actually own bitcoin? Do you think the youth of today are going to flock to gold or bitcoin as they get older? When the boomers bequeath their wealth to their children and grandchildren, where will they park it? They watch as the US literally prints trillions to bail out banks. Bitcoin is the only digital monetary asset governments don't control. And bitcoin is truly global. If I live in Peru, how many people outside of Peru have a demand for the currency in Peru? Bitcoin is an alternative currency that hedges against inflation against ALL other world currencies (which are all fiat). It doesn't need to be a hedge only against the USD even though it works well for that too.

5) Buying on the way down.
Agreed. The smart money buys during accumulation phases and bear markets and sells during the market blow-off tops....to then buy back in during the next bear cycle. We've seen this happen repeatedly now, so I really don't know what is stopping people anymore other than fear or ignorance. Plan B author predicted a $55k bitcoin price during the next bull cycle. He has updated it based on the stock to flow of bitcoin, gold, and silver to $288k. See here: https://medium.com/@100trillionUSD/bitc ... d260feed12
Once bitcoin surpasses $30k/BTC it will have a greater market cap than silver. One day it will pass gold.

* https://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Apr 29, 2020

SilverDoge wrote:If/when major hedge funds move into crypto they aren't going to be buying into illiquid small time altcoins. They will be buying bitcoin/ethereum/ripple.


They will be going to buy Bitcoin, and primarily Bitcoin.

It goes back to the IBM-PC vs Macintosh argument for corporate buyers. (actually, way before that). You did't get fired if you bought IBM, regardless of whether it solved your companies application or not.

A number of people may have "heard" the name Bitcoin, but they are clueless about what it is and what it does.

Ethereum has had leadership trust problems almost since it's inception. Can't comment on Ripple.

BTW.......a lot of hedge funds already own Bitcoin and have for years. They are only open to "qualified investors", and Bitcoin is legal for their portfolios.

Good post Doge. $9000 by Friday?
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Apr 29, 2020

SilverDoge wrote: Plan B author predicted a $55k bitcoin price during the next bull cycle. He has updated it based on the stock to flow of bitcoin, gold, and silver to $288k. See here: https://medium.com/@100trillionUSD/bitc ... d260feed12


A good explanation for this article from my last post:
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Apr 29, 2020

YouTube: JM Bullion Military & Veteran Discount Info + Gold Unboxing

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