BITCOIN

Exodi

hallmark said:

I'm very much on the Buffet/Munger side of the fence overall (who I believe view it as worthless/immoral).   But I thought that when it was worth almost nothing, and lots of the people who disagreed cleaned up so what I do know.

Agree however I view it a bit differently.

If someone was to go to a casino and put their life savings on one number on a roulette wheel, while I might have encouraged them that it's not a good idea, if they were to win it becomes difficult to suggest they made a mistake - it remains a bad decision that resulted in a good outcome.

People that invested more than 2 years ago are probably laughing all the way to the bank (assuming they actually sold), people that invested within the last 2 years are probably crying themselves to sleep.

Like you, I hold similar views to that of Buffet/Munger. And this is from someone that has bought and held BTC & ETH and sold both for a decent profit - I never believed it was the next 'global currency' and it wouldn't suprise me if a significant amount of bitcoin holders have no interest in the fundamentals of bitcoin.

User232002

Hexane said:

Zola. said:

https://twitter.com/BitcoinMagazine/status/1430937931993202706

Its probably nothing

It wasn't quite nothing, but it did see huge losses.

There's definitely a certain irony in someone quoting this post and pointing to 'losses.'

Hexane said:

darren232002 said:

Remembered why I stopped posting here. 

But do you remember why Scott stopped posting here? He and you were the "big brains", right? 

Nothings changed. Your governments are currently running interest rates that they can't sustain despite them being deeply negative real rates. Fiat world is still a clown show.

What if I told you there’s another financial firm creating an asset out of thin air & reinvesting it into a system of centralized intermediaries that use it as collateral for debt but instead of going bankrupt during contractions the US government bails them out w/ taxpayer funds?

Hexane said:

darren232002 said:

Look around, its not conspiracy theorists and rednecks buying Bitcoin, its rocket scientists, CEO's, institutions and computer programmers/STEM graduates. These guys know the way the world is going. JP Morgan in 2017 said BTC is a ponzi, in 2021 they are advising their clients to put a % of their portfolio in it and predicting prices in the $140k range. Citigroup threw out a $300k+ price prediction.

Lest we forget.

How about instead of dredging up quotes from a year ago when the world was a very different place, we look at what I posted a month ago;

darren232002 said:

That's your bottom buying opportunity. $15k. Maybe $10k.

Time to get your head down and convert fiat in to Bitcoin for the next two years whilst everyone thinks its dead, only to have everyone tell you you're 'lucky' in four years time...

fourmarks

BBC NEWS.

Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

The company said that former boss Sam Bankman-Fried had also stepped down as chief executive.

It said the goal was to "begin an orderly process to review and monetize assets for the benefit of all global stakeholders".

The moves cap a week of huge turmoil for the company.

Earlier this week, customers rushed to withdraw their funds as rumours swirled that FTX and other firms headed by Mr Bankman-Fried were on shaky financial ground.

Ouch.

DannyCarey

Old news now pal

SBF going to jail!

fourmarks

The BBC report is 35 minutes old. I got here as quick as I could.

DannyCarey

fourmarks said:

The BBC report is 35 minutes old. I got here as quick as I could.

The BBC are always last to the party, and we've been talking of the demise of FTX since Wednesday on here

bugbyte_2

Hi Darren, from your post above are you saying we now have to discount everything you said before 11/10/2022?

Just out of interest why do you think Bitcoin is going to recover better than say Meta Platforms Inc. which dropped (and has now slightly recovered) 75% this year? Is your thinking that because BTC price was so 'high' previously it is bound to go that high again? 

GDB2222

bugbyte_2 said:

Hi Darren, from your post above are you saying we now have to discount everything you said before 11/10/2022?

Just out of interest why do you think Bitcoin is going to recover better than say Meta Platforms Inc. which dropped (and has now slightly recovered) 75% this year? Is your thinking that because BTC price was so 'high' previously it is bound to go that high again? 

I thought that there's a limit on the number of BTC that can be mined. So, it's bound to increase in value?

OTOH 10,000 other crypto currencies have been created, and there seems to be no end in sight. 

fourmarks

DannyCarey said:

fourmarks said:

The BBC report is 35 minutes old. I got here as quick as I could.

The BBC are always last to the party, and we've been talking of the demise of FTX since Wednesday on here

Happily, I'd never heard of FTX until seeing the BBC report. Which coincided with seeing this BITCOIN thread in the 'index'.

Sorry to have missed the party, but I have no knowledge of, and no interest in things crypto. Just passing through.

Johnjdc

GDB2222 said:

bugbyte_2 said:

Hi Darren, from your post above are you saying we now have to discount everything you said before 11/10/2022?

Just out of interest why do you think Bitcoin is going to recover better than say Meta Platforms Inc. which dropped (and has now slightly recovered) 75% this year? Is your thinking that because BTC price was so 'high' previously it is bound to go that high again? 

I thought that there's a limit on the number of BTC that can be mined. So, it's bound to increase in value?

OTOH 10,000 other crypto currencies have been created, and there seems to be no end in sight. 

There's a limit on the number of times I will fart today. It doesn't mean they'd be "bound to increase in value" if I bottled them.