BITCOIN

Malthusian

Adyinvestment said:

Not really of much help if your bank account is frozen with all your money, and you don't have the money to pay for a lawyer or food.

Nor is Bitcoin. Good luck getting the local corner shop to accept your meme tokens. And lawyers don't accept laundered money. Not ones an innocent victim of government caprice would use anyway. If your assets were frozen unjustly they would bill you and take payment once they were unfrozen, not violate anti money laundering rules by taking money you'd hidden away.

I don't care much about the protest but do you honestly think it is correct for innocent donors to have their bank accounts frozen? 

No. But lie down with dogs, get fleas. I'm reminded of the trustafarians who joined the 2011 London riots because it seemed like a lark and then whinged when they ended up with criminal records.

If a single mother on minimum wage actually was scammed into sending $50 she couldn't afford to sovereign citizen bros because she thought the revolution was coming, and had her account frozen on top of losing $50, then that's very sad, but I don't lay the blame at the feet of the Canadian government.

I would note that the Mounties and the Ottawa police have suggested that "Brianne from B.C." who had her account frozen for donating $50 she didn't have only exists in the imagination of the Conservative MP who told her story. There was no Brianne from BC on the Ottawa police's list of donors and the Mounties stated they only provided banks with the names of "influencers", not mere donors. Only 200 people had their accounts frozen.

But whether you believe coppers or a right-wing politician is up to you.

Anyway, the fundamental issue from the perspective of this thread is not whether Trudeau is being heavy handed in cracking down on the lorry drivers, but:

• is Bitcoin essential to the man on the street so he can access his money if the Government freezes his assets. Answer: no, because to be any use in that scenario you have to be prepared to uproot yourself, leave your community and your job and flee to a country without an extradition treaty where you can spend your Bitcoins. Which very few people are prepared to do, especially innocent ones. If you don't flee Bitcoin helps very little, as very few people will accept your dirty money until you have cleared your name, and the Government can simply jail you, issue you with an order for the confiscation of your tokens, and leave you there until you pay up.
  
• Will number go up as innocent people concerned about the threat of Government oppression rush to buy Bitcoins. Answer: no, because there aren't enough of them. If a Government is oppressing people the vast majority of the population will support the Government, as we've seen throughout history.
  

Hexane

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

perfect

Hexane

Hexane said:

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

perfect

Just so we can check in later, one bitcoin is allegedly worth US$34,815.26 right now.

That's slightly down on the estimation of our regular commentator Scott, who works in the industry, and assured us months ago (when bitcoin was around US$60,000) that it was going to US$100,000 really soon.

and those other people who..., yeah them.

I guess if you bought bitcoin based on Scott's prediction, then you lost about half your money so far.

But you could win it all back, right?

User232002

Hexane said:

Hexane said:

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

perfect

Just so we can check in later, one bitcoin is allegedly worth US$34,815.26 right now.

That's slightly down on the estimation of our regular commentator Scott, who works in the industry, and assured us months ago (when bitcoin was around US$60,000) that it was going to US$100,000 really soon.

and those other people who..., yeah them.

I guess if you bought bitcoin based on Scott's prediction, then you lost about half your money so far.

But you could win it all back, right?

It really is like groundhog day...

To add some nuance, it seemed a high probability that BTC would breach $100k 6 to 12 months ago. The world we currently live in is very different and I don't think any Bitcoiner is seriously saying that the price will hit $100k within the next 6 to 12 months. It also happens in the stock market, as there are plenty of billion dollar companies currently down more than BTC over the last few months. 

That said, over the last 12 months its been declared legal tender by a nation state with several others seemingly not so far behind. Several bills are being introduced to legalise/recognise it in several US states. Institutional adoption continues to increase, the finances of western nations are still in the toilet and Canada has done a great job of pointing out to everyone why people in the west also need Bitcoin. Millenials will continue to inherit the Earth, and they prefer crypto over RE and Equities. The macro picture is pretty damn rosy and far better than Feb 2020 when the price was also $35k.

No Bitcoiner here is saying it will be $X by Y date. If you want dumb price predictions then there are plenty of places you can find them online. As far as I've seen, the general opinion propagated here by pro-Bitcoiners is that whilst we expect Bitcoin to be far higher in 5 to 10 years, we have no idea when or how it will get there. 

Scottex99

Yep what Darren said.

How are your stonks doing today Hexane, mate? 

Go and find the post where I assured anything because it won’t exist. I said at least 10 times that we’re going to $100k, which we still are. 

I did actually think we had a good chance by end of 2021, and then early Feb? We hit $69k which remains the ATH to date. We’ll get past that again at some point.

We’re all adults, wether it’s crypto or funds you know it’s a long term play unless you’re trying to scalp and day trade which inevitably means using leverage and then getting rekt. I don’t see a better long term play than BTC or ETH right now.

Nice to chat, I must dash now, there’s a dip to buy

bugbyte_2

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

Honest post and a sensible approach. At the end of the day its the volatility of crypto price that draws in the money so you spin the wheel and see what happens. If people just admitted that then this thread would be a lot shorter but I would miss the comedy value.

I think the Russian invasion and subsequent price decrease of BTC has put to bed any notion of BTC being liquid gold, a store of wealth or hard money - because if it was any of those things most of the money in Eastern Europe would be rushing towards it. Might be a buying opportunity but not for me as ethically it is terrible and it is impossible to do any kind of realistic value analysis*

*Unlike stocks which I made a move on yesterday but I'm only down 2.5% so  not end of world.  

Thrugelmir

Hexane said:

Hexane said:

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

perfect

Just so we can check in later, one bitcoin is allegedly worth US$34,815.26 right now.

That's slightly down on the estimation of our regular commentator Scott, who works in the industry, and assured us months ago (when bitcoin was around US$60,000) that it was going to US$100,000 really soon.

and those other people who..., yeah them.

I guess if you bought bitcoin based on Scott's prediction, then you lost about half your money so far.

But you could win it all back, right?

Flakey holders it appears, running for the exit doors it seems. First sign of geo political tensions and the stable reserve currency Bitcoin sheds 12%.  Meanwhile gold rises over 2%. 

Zola.

Not all that surprising given it has had a 4000 year head start as a trading commodity and is the top asset by market cap. 

A depressing day for the world and especially Ukraine

Scottex99

Thrugelmir said:

Hexane said:

Hexane said:

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

perfect

Just so we can check in later, one bitcoin is allegedly worth US$34,815.26 right now.

That's slightly down on the estimation of our regular commentator Scott, who works in the industry, and assured us months ago (when bitcoin was around US$60,000) that it was going to US$100,000 really soon.

and those other people who..., yeah them.

I guess if you bought bitcoin based on Scott's prediction, then you lost about half your money so far.

But you could win it all back, right?

Flakey holders it appears, running for the exit doors it seems. First sign of geo political tensions and the stable reserve currency Bitcoin sheds 12%.  Meanwhile gold rises over 2%. 

Literally nobody has ever said it was stable, including the most bullish here

Scottex99

bugbyte_2 said:

Deleted_User said:

Invested in a little bit to give it a try. That was when it was at it's last peak - since then it's plummeted again. But It was only £100 that I can afford to lose so I'll leave it there and see what happens. 

Honest post and a sensible approach. At the end of the day its the volatility of crypto price that draws in the money so you spin the wheel and see what happens. If people just admitted that then this thread would be a lot shorter but I would miss the comedy value.

I think the Russian invasion and subsequent price decrease of BTC has put to bed any notion of BTC being liquid gold, a store of wealth or hard money - because if it was any of those things most of the money in Eastern Europe would be rushing towards it. Might be a buying opportunity but not for me as ethically it is terrible and it is impossible to do any kind of realistic value analysis*

*Unlike stocks which I made a move on yesterday but I'm only down 2.5% so  not end of world.  

Plenty people have admitted to being pro risk and you basically have to be in crypto, that's no secret with the swings involved. I've been a gambler all my life and always attracted to risk. But the fundamentals behind it our sound, for hundreds of different reasons depending on which asset or which part of crypto, DeFi, Meta etc.

I agree there is no dislocation between TradFi and BTC, or at least no obvious one, right now. It's far from put to bed though. It's possible that at some point with unstable gov fiat currencies and war and various other macro things, that one day stonks and funds plummet whilst BTC pumps. It's possible, not right now clearly. Still early