BITCOIN

eskbanker

Scottex99 said:

So you can just claim there will be a black swan at some point and then when there’s an invasion or some aliens appear or a dog starts talking, say I told you so?

Can't even say that, after sitting on the fence when citing that last year!

https://forums.moneysavingexpert.com/discussion/comment/78557849/#Comment_78557849

adindas said:

It is called a prediction. Palantir is not a Crystal Ball. Noone will know exactly what is going to happen in the future. Also, I am not here to convince people whether "The black swan event" is going to happen it is up to individual to make their own judgement. I have not said whther I believe or not believe this incoming "Black Swan Event".

Zola.

https://www.bbc.co.uk/news/technology-60541942

The power of a global decentralised settlement layer

Hexane

Scottex99 said:

How are your stonks doing today Hexane, mate? 

Well I didn't check on the 24th, but checked yesterday and my S&S ISA is overall down less than 1% in the last five days. Although that's after being down a couple of % earlier in the month due to interest rate fears and the Ukraine tension build-up. Maybe I need to be in riskier stocks?

Not checked my pension funds because I won't need access to them for decades, so what they're doing on a particular day in February 2022 doesn't signify much.

Scottex99 said:

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. 

Your mistake was putting a timescale on it - "a few months".

I could tell you I think the S&P 500 is going to 10,000 and I could be quite confident about that, but saying it's going to do it in a few months or even within five years, that statement is a hostage to fortune and it's also misleading to anyone naive enough to think opinions posted here are in any way reliable.

We’re all adults, wether it’s crypto or funds you know it’s a long term play

There's the issue, too many people reading these forums thinking a long term play is "more than three months" and being pushed by the FOMO into doing things they really shouldn't.

Are they all adults? Not sure - I was buying penny stocks long before I was an adult - but some of them don't act it.

Scottex99

So I was wrong about half a vague prediction when there’s hundreds of pages of chat about investing only what you can afford, explaining what BTC is used for etc etc? You’ve not even quoted the post either. If anyone is stupid enough to invest and expect guaranteed profits based on a forum then that’s on them.

I bought the dip on invasion day about 10 mins after your previous post when BTC was $34.5k, now it’s $39k, 10%+ in gains within 1 day, but I’m not inclined to post it here as I don’t really care and I’m not short term trading anyway.

Like you said, external factors are always at play, but given you just mentioned 5 years, I’ll use that.

BTC will be above $100k in the next 5 years, I am 100% certain of that. And whilst we’re all here to make money, the price of BTC isn’t actually the most interesting thing about it.

Already been mentioned 10 times, but The Bitcoin Standard covers it pretty well. Apart from the weird rant against all modern art which is a bit bizarre and ironic for me as I was in the Guggenheim yesterday 

Dorian1958

Is The Bitcoin Standard a good place to start to understand more about BTC?  I can get it on Audible.  I see investopedia has a lot of articles, would bitcoiners recommend that site?  Or are there any other online resources recommended?

I want to understand crypto but having read the first 40 pages of this thread (and the last 15). I'm sorry but I feel that its become bogged down with circular arguments which are not helpful to me.

Thank you.

Scottex99

Dorian1958 said:

Is The Bitcoin Standard a good place to start to understand more about BTC?  I can get it on Audible.  I see investopedia has a lot of articles, would bitcoiners recommend that site?  Or are there any other online resources recommended?

I want to understand crypto but having read the first 40 pages of this thread (and the last 15). I'm sorry but I feel that its become bogged down with circular arguments which are not helpful to me.

Thank you.

Yep. I listened to it on audible too. A great history of money and it goes into the tech just enough for it not to be overwhelming for someone new. 

The rise and rise of Bitcoin is also a good documentary that you can find on YouTube.

id say YouTube, Medium, Twitter are the best places to understand the initial concepts of BTC, ETH, Blockchain, Nodes, POW/POS etc. Just avoid the “10 alt coins that will 100x in 2022” style vids and focus on the educational ones

Scottex99

Deleted_User said:

Zola. said:

https://twitter.com/tedcruz/status/1497031845984227328

I don't like how Bitcoin is becoming a republican vs democrat thing, its apolitical code.
Nonetheless its pretty crazy that a future presidential candidate is openly embracing Bitcoin as part of his campaign trail... 

I made a first little venture into bitcoin a couple of weeks ago. It lasted a couple of days and I bailed out!

I have a VERY crude understanding of how it works, but have HUGE reservations about the hype. In theory it all sounds good, but when you add politics it all falls apart (from what I can tell).

I decided to have a little dabble (just £100) to get a feel for it. It was during the time that the Canadian Trucker thing was going on - the government (politics!) were trying to shut off the protest funds. They declared an emergency and gave banks powers to freeze funds. Truckers responded by telling everyone to clear out their bank accounts and move to bitcoin. This caused the start of a bank run and government then announced that they'd not only frozen bank accounts but seized people's bitcoin wallets. The next day bitcoin took a sharp tumble (it may have been coincidence).

My understanding is that they were lying - they couldn't seize bitcoin wallets? But what they did was scare people out of using it thus causing the price to drop. So my concern is that even if they can't touch it physically they have the levers to cause it to crash?

They can’t seize anything without the owner’s seed phrase or private key.

Fair play for giving it a go but I don’t see the point in dabbling with a tiny amount to just bail out, so you lose 40% of your initial investment within 10 seconds and you sell? Why? You don’t need that £40 to buy food surely, that’s why you started with that amount. You might as well let it go to zero…. Or see if it recovers.

Canada might have played a part in the price going down but it’s never one piece of news that affects the market. China has openly banned BTC about 20 times yet year on year it posts a new ATH

Zola.

Ukraine wallet getting filled

https://www.blockchain.com/btc/address/bc1qkd5az2ml7dk5j5h672yhxmhmxe9tuf97j39fm6?page=2

Malthusian

Deleted_User said:

My understanding is that they were lying - they couldn't seize bitcoin wallets? But what they did was scare people out of using it thus causing the price to drop. So my concern is that even if they can't touch it physically they have the levers to cause it to crash?

Of course the Government can seize Bitcoin, same as they can seize your paper money, your gold and your illegally bred shih-tzus. You get a court order instructing you either to transfer your Bitcoin to the Government (a fine / proceeds of crime order) or to leave it where it is pending further legal proceedings (an asset freeze). If you don't you go to jail.

You can avoid this, but only if you have a means to escape the Government's jurisdiction, and are willing to live forever in a country without an extradition treaty (moving if that changes) and never set foot in either the Government's jurisdiction or a country that does have an extradition arrangement. Not even for a day to visit your old ma.

Most of the Canadian lorry drivers were not willing to spend their entire lives outside the reach of the Mounties. They didn't want to live in Dubai or Belize, they wanted to live in Canada without a mask on. They didn't want to have to choose only two out of their homeland, their job and their not getting a hurty needle in their arm.

No government can make Bitcoin crash by themselves, the investor base is too large and diverse. However, neither can governments cause number go up by continually oppressing their citizens and making them want to buy Bitcoin. There are not enough people in the world willing to flee government oppression and buy Bitcoin well in advance before they do so. The vast majority of people are in favour of government oppression and enthusiastically participate in it, as long as it isn't happening to them.

Scottex99

Yep, fine.

But to add, if you have a cold wallet with BTC in it, that has never received coins from a CEX with KYC (or gov can't figure out the trail through various Exchanges, DEXs, Mixers etc, then the coins are anonymous. So if you were that way inclined, they can see a certain number of coins sit in a certain wallet address, but they have no idea they are yours. And therefore can't threaten to throw you in jail