Bitcoins to the moon - Page 15

On March 29 2022 01:30 Baalim wrote: Show nested quote + On March 29 2022 00:58 CamilaPunt wrote: ???? you will be surprised Ok, lets bet on it, what odds do you give me if i take the side of "doesnt touch 25k or under in 2022" ?

Lulz

How about it goes down to 15k? You bet on that now?

tradable assets like stocks or btc or whatever can go up higher than you can ever think possible, and also lower, it humbles you really. There are key levels/prices where it will hesistate, find buyers/sellers and you can find good trades around those but it can and will always break any support or resistance level for any reason

Booms and busts are a feature of a capitalist economy, not a bug. But the silly crypto kids think they can overcome it with their E-coins, as if decentralization is a panacea for everything.

I'm terrible at predicting the market. I would guess that crypto does bounce back a little though. The crash is mainly due to the current stagflation (at least that's what I read in the news). The business cycle eventually corrects itself, though the current political system is very unstable. It is not because people have decided bitcoin is a worthless piece of technology. We are still far from the territory where I'd want to start gloating.

On June 20 2022 07:47 Loco wrote: Booms and busts are a feature of a capitalist economy, not a bug. But the silly crypto kids think they can overcome it with their E-coins, as if decentralization is a panacea for everything.

A lot of the value in bitcoin seems to come from extremely irrational beliefs. Like the belief that banks don't keep accurate ledgers.
That is denying reality. Hard to predict whether people will keep believing things like this 10 years down the line. It is quite clear that the value of bitcoin/crypto is very strongly tied with whatever political system the world adopts, and that is not at all predictable

Debeers are still able to get people to fork out thousands to buy shiny rocks, and they have been doing it for a long time.

The major rational reasons for having crypto are grey or blackmarket uses. It clearly has value for ransomware payments or for avoiding bank fees. But there's no way the capitalization of bitcoin needs to be as much as it is to lubricate all of those industries. You only need your currency circulation to be a tiny % of the industries total value to be able to facilitate transactions.

From elliot wave perspective we still havent found bottom. 15k area seems about right. Maybe a little bull trap now to get the liquidity needed to get there. We might wick down to like 13 as i think celsius gets liquidated there. End of this month could find the bottom as its an appropriate fibo time or maybe this drags on for months which would blow

On June 20 2022 08:02 Stroggoz wrote: Show nested quote + On June 20 2022 07:47 Loco wrote: Booms and busts are a feature of a capitalist economy, not a bug. But the silly crypto kids think they can overcome it with their E-coins, as if decentralization is a panacea for everything. A lot of the value in bitcoin seems to come from extremely irrational beliefs. Like the belief that banks don't keep accurate ledgers. That is denying reality. Hard to predict whether people will keep believing things like this 10 years down the line. It is quite clear that the value of bitcoin/crypto is very strongly tied with whatever political system the world adopts, and that is not at all predictable Debeers are still able to get people to fork out thousands to buy shiny rocks, and they have been doing it for a long time. The major rational reasons for having crypto are grey or blackmarket uses. It clearly has value for ransomware payments or for avoiding bank fees. But there's no way the capitalization of bitcoin needs to be as much as it is to lubricate all of those industries. You only need your currency circulation to be a tiny % of the industries total value to be able to facilitate transactions.

I saw a post about how crypto is doing a speed run of every banking issue that we ran into in the late 18 and early 1900s. People understand that the people with money are screwing them over correctly. The problem is that they look to crypto as a solution when it is even more corrupted without any regulation.

On June 20 2022 03:25 Loco wrote: Show nested quote + On March 29 2022 01:30 Baalim wrote:   On March 29 2022 00:58 CamilaPunt wrote: ???? you will be surprised Ok, lets bet on it, what odds do you give me if i take the side of "doesnt touch 25k or under in 2022" ? Lulz How about it goes down to 15k? You bet on that now?

Sure, how much, what odds, what expiration date? (I'd need and escrow).

On June 20 2022 08:02 Stroggoz wrote: Show nested quote + On June 20 2022 07:47 Loco wrote: Booms and busts are a feature of a capitalist economy, not a bug. But the silly crypto kids think they can overcome it with their E-coins, as if decentralization is a panacea for everything. A lot of the value in bitcoin seems to come from extremely irrational beliefs. Like the belief that banks don't keep accurate ledgers. That is denying reality. Hard to predict whether people will keep believing things like this 10 years down the line. It is quite clear that the value of bitcoin/crypto is very strongly tied with whatever political system the world adopts, and that is not at all predictable Debeers are still able to get people to fork out thousands to buy shiny rocks, and they have been doing it for a long time. The major rational reasons for having crypto are grey or blackmarket uses. It clearly has value for ransomware payments or for avoiding bank fees. But there's no way the capitalization of bitcoin needs to be as much as it is to lubricate all of those industries. You only need your currency circulation to be a tiny % of the industries total value to be able to facilitate transactions.

I've literally never head anybody say that banks dont hold accurate ledgers and no grey markets aren't the only rational use for crypto lol also nobody I know has ever used crypto for buying drugs or whatever, this isnt 2015 silk road.

these ignorant takes are wild af

ye, crypto isn't even used for buying drugs anymore, now it's purely for speculation. Nobody I know who owns crypto has ever actually bought _anything_ with it. (yes i know latam might differ yadayada )

Why are you guys implying reality is defined by your personal experience, or am I getting trolled here?

Fortune favors the bold.

I'm trolling, but also of the serious opinion that a large majority of crypto holders are hoping to make more real money through buying crypto, and that they're not looking to buy x type of criminal thing, even if a small subset of crypto holders are using it for this reason. I also have the impression that the primarily idealistic investors is a similarly small subset. Would love to see data of this, possibly broken down by country/region though.

Almost all crypto provides zero advantages over USD for buying drugs or any other illegal activities. Monero being privacy focused is the exception. There was a time ten+ years ago when people were using bitcoin for such purposes, but then three letter agencies figured out how to track addresses on the public ledger and it became apparent that it is strictly worse.

Why is it being used for ransomware payments? Or at least that's what I've read. Nvm I looked it up and it's all monero. That makes sense now.

On June 25 2022 10:28 Liquid`Drone wrote: I'm trolling, but also of the serious opinion that a large majority of crypto holders are hoping to make more real money through buying crypto, and that they're not looking to buy x type of criminal thing, even if a small subset of crypto holders are using it for this reason. I also have the impression that the primarily idealistic investors is a similarly small subset. Would love to see data of this, possibly broken down by country/region though.

Yeah agree. Like I said before currency circulation only needs to be a tiny percentage of the industry to keep transactions going. I doubt bitcoins needs to be worth even $100 of the value for that.

As for the ideology focused investment yeah my views are pretty out of date on this actually. Whenever I've read up on crypto it's been to look at the arguments in favour of it rather why anyone would invest in it. Two completely separate things.

It's a ponzi scheme and the retail investors (who don't affect the market) are investing purely out of FOMO or to "get rich quick", often because they want to retire early.

On June 25 2022 16:46 Blitzkrieg0 wrote: Almost all crypto provides zero advantages over USD for buying drugs or any other illegal activities. Monero being privacy focused is the exception. There was a time ten+ years ago when people were using bitcoin for such purposes, but then three letter agencies figured out how to track addresses on the public ledger and it became apparent that it is strictly worse.

If I live in Argentina and inflation is 30 percent does it make sense to trade my cash in for usd dollars, put it in s and p 500 or put it in crypto? Because I couldn't see why crypto was better and that's the reason why Baal said its useful.

On June 25 2022 18:56 Loco wrote: It's a ponzi scheme and the retail investors (who don't affect the market) are investing purely out of FOMO or to "get rich quick", often because they want to retire early.

This post won't age well.

On June 25 2022 07:58 Liquid`Drone wrote: ye, crypto isn't even used for buying drugs anymore, now it's purely for speculation. Nobody I know who owns crypto has ever actually bought _anything_ with it. (yes i know latam might differ yadayada )

Bitcoin is in a stage where the price is very unstable, the on-chain blocks are too slow and expensive to be used in most POS applications because its an early stage of the technology, as the marketcrap grows stabilizing price, layers are built upon the blockchain for speedier cheaper transactions and POS applications keep being developed you will see more direct use of crypto, what you are doing is like if in the 80s you saw a credit card and thought "they have to call the bank too see if it has funds, it has comissions, they have to use that swipe thing, its full of fraud, cash is much better", those would be correct but narrowsighted observations.

I kind of look at bitcoin with reflection upon the original idea which is that it would revolutionize banking and the way we transfer money globally avoiding fees and currency conversion. People do use it for that purpose now but it's a bit slow. The whole idea was freedom and independence from banks, but the banks are still ultimately in control of points of exchange and the push for regulation in the US with your ID attached to exchanges/wallets is literal kryptonite. Monero appears to be the frontrunner as far as anonymous ownership (~freedom) and payments / conversion goes, but it also fluctuates and is traded at a price. It is traded at a price - not related to value. The idea of "support levels" and technical analysis is fairy talk without underlying value to calculate legit support levels or real value from. These unproductive "assets" are traded at a price and held by fools, probably one of the largest bubbles we've ever seen. Keep in mind it holds no intrinsic value and 99% of crypto bros are convinced to an almost religious level they've not been hustled, which is a real valid point as many people seem to think their money is safe or that it's worth something in relation to market cap. Imagine being that guy a year ago talking about a hedge against inflation or being Kevin O'Leary who actually believes crypto could ever be listed as part of a major US composite. Market cap DOES NOT apply to bitcoin or any crypto, you can't use that method to value a coin - that is truly a total hustle. The value of the coin is something like this: energy cost to produce + speculative value technology. The cost to produce is something like $6k and for me the speculative value is $0. However, if you think about bitcoin this way you will probably also think there's no reason to really produce coins. I agree, and I think it's dead/overhyped. Maybe something good will come from the freedom side of crypto as a whole should banks become overbearing in terms of requiring biometrics to make payments or gain entry to events etc (digital ID) where instead you could use an anonymous coin/stablecoin that's unregulated but I don't even think that will work out and if you think this is not a shackle being used against you, look at programmable CBDCs and how this can be used to shut your life down entirely.