BITCOIN

benbay001

Scottex99 said:

Carry on claiming it's worthless if you want, your prerogative 

Its worthless and its going to 0.

I just dont know when.

Scottex99

Good point, well made

Scottex99

[Deleted User] said:

Scottex99 said:

BTC will be over $100k within a year and probably much higher than that in future years. For about 20 reasons that have been made multiple times is this thread alone. Look them up too.

I'm not so sure about the near-term $100k prediction because I think we are near the end of a bull run for crypto. There are so many signs of craziness like the Dogecoin price, it makes me think things are overheated.

You can also expect a big crypto crash whenever the US stock market tanks. In particular the growthier stocks and especially disruptive innovation tech stocks that Bitcoin sort of fits in with thematically, companies like Tesla. I think a crash is on the horizon there too.

I'm with Michael Burry on Tesla and Bitcoin anyway

Valid, I think we've got a good few months left for this run. Plus if you get an actual decoupling of crypto from traditional then it wont matter if stonks tank. That's the dream really, may never happen.

Nice pick up last night, all green today, lets see if we get some higher highs 

Thrugelmir

Scottex99 said:

Thrugelmir said:

Scottex99 said:

thegentleway said:

Scottex99 said:

Lol and cash isn’t used for all the worst stuff in the world? Today and every day for hundreds of years?

I don’t give af how rich or not he is or I am, it’s the insanely boring boomer attitude.

If you saw a few people giving clear examples of what they do in the crypto universe, I.e running companies or using products, making or even losing money, wouldn’t you even be the slightest bit curious and go for a little look?

Or would you fixate on oooh someone bought some coke with BTC on the internet or oooh BitConnect and OneCoin were scams.

Like I said, boring

Sorry you’re bored buddy but don’t take it out on other people.

It may be boring to you but considering how rife crypto scams are; it’s sensible to warn people against them. Some people also consider ethics in their investment decisions (or whether to pay for products or services in cash).

You also seem to be under the impression that anyone that looks into crypto will be blown away by how awesome it is and will want to investment, which isn’t the case. A lot of people don’t want the risk of picking individual stocks let alone gamble on crypto. It’s very arrogant to assume you know best. 

 All i'm doing is correcting some of the myths, mainly spread by people who are clueless and have very limited knowledge of the industry as a whole.

It might be arrogant but save a couple of people i've seen on here, I probably do. It's a niche market, it moves at ridiculous speed. 4 years in crypto is like 40 in retail banking. But whatever, when DeFi eats the banks we can come back to this and laugh.

I suspect many ultimately won't be laughing. Crypto is simply the latest in a long history of get rich quick schemes. There are no myths. There is no industry. Just a number of shrewd operators taking greedy punters to the cleaners. The long term value is the technology i.e. blocktrain. 

There is an industry because I work in it and my firm will easily trade over €200m this month. In fact, I traded €8.5m to USDT in one trade last week,

Trading isn't an industry in itself. 

Scottex99

Pedantic at best surely?

https://www.investopedia.com/terms/t/trade.asp

HansOndabush

Bitcoin is no more an industry than people sitting around a roulette wheel.

onthebench

HansOndabush said:

Bitcoin is no more an industry than people sitting around a roulette wheel.

No, if you are going to use that analogy then bitcoin is the casino industry, not the players. 

User232002

No intrinsic value, ponzi scheme, only useful for criminals, environmental disaster - all this rubbish has been debunked in many places online. I can't argue with ignorance, so I won't try. 

But, at what point does your hypothesis that Bitcoin is worthless, a ponzi or whatever other rubbish become invalidated?

In a few months when a good chunk of the S&P500 admit they hold it on their balance sheet instead of cash?
In 6 months when its comfortably sitting above $100k?
In 4 years when it eats the market cap of gold and is worth $10T as an asset class @ $400k/coin?
In 10 years when central banks have it on their balance sheet and its $1m/coin?

Im just asking so that we can fix the goalposts and I know when to come back here and say 'I told you so.'

thegentleway

I’m sure many places online spout all sorts of nonsense...

It’s nothing to do with price; it’s when it becomes widely accepted.

Btw to get to $10T, it would have to be more like $500k a coin.

benbay001

darren232002 said:

In a few months when a good chunk of the S&P500 admit they hold it on their balance sheet instead of cash?
In 10 years when central banks have it on their balance sheet and its $1m/coin?

Im just asking so that we can fix the goalposts and I know when to come back here and say 'I told you so.'

I will willingly accept im wrong when BTC achieves either of those above.

Add to that, the first time i go to buy something thats not a novelty and they will accept BTC, or the first time someone tries to buy something from me and they walk away when i refuse to take BTC.

The crypto concept really does interest me, but the idea that you would dump a meaningful amount of your wealth into something that doesnt benefit the govt, yet they could should down overnight, thats just lunacy. 

If i have to wager on the future of crypto, it will be a new crypto that hasnt yet been released, thats developed from scratch with the support of the central banks of all the western countries.