BITCOIN

Exodi

darren232002 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?

You do realise that the entity that gave the price prediction that the quote was referring to of $140k, is now predicting a price for the immediate future of $13k right? It seems both I, and JPMorgan, are capable of changing opinions.

This is interesting, as you'd previously said that you'd sell everything you had if bitcoin ever went below $20k, yet here we are. Your 'changing' opinion seems to be "Bitcoin is going to the Moon" to "Bitcoin is definitely going to the Moon".

GDB2222 said:

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

To be fair GBD222, 99% of them are just pump and dump schemes to steal money. Hence why the narrative is being subtlely changed from "Crypto is the future" to "Bitcoin is the future".

adamp87 said:

The actions of exchanges over the weekend, FTX surely has knocked back confidence for a long time and further pushed back any form of adoption.

You must be having a wind up. Every other week we see a multi-billion pound crypto firm collapse, at this point it's just business as usual. I'm not sure what confidence there is to knockback - the only people who remain steadfast in their loyalty are the crypto bros. Western governments wouldn't even humour the idea of considering adoption.

darren232002 said:

History is littered with examples of people and countries that lost fortunes because they didn't recognise this shift in time.

You say it best.

DannyCarey

Exodi said:

darren232002 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?

You do realise that the entity that gave the price prediction that the quote was referring to of $140k, is now predicting a price for the immediate future of $13k right? It seems both I, and JPMorgan, are capable of changing opinions.

This is interesting, as you'd previously said that you'd sell everything you had if bitcoin ever went below $20k, yet here we are. Your 'changing' opinion seems to be "Bitcoin is going to the Moon" to "Bitcoin is definitely going to the Moon".

GDB2222 said:

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

To be fair GBD222, 99% of them are just pump and dump schemes to steal money. Hence why the narrative is being subtlely changed from "Crypto is the future" to "Bitcoin is the future".

adamp87 said:

The actions of exchanges over the weekend, FTX surely has knocked back confidence for a long time and further pushed back any form of adoption.

You must be having a wind up. Every other week we see a multi-billion pound crypto firm collapse, at this point it's just business as usual. I'm not sure what confidence there is to knockback - the only people who remain steadfast in their loyalty are the crypto bros. Western governments wouldn't even humour the idea of considering adoption.

darren232002 said:

History is littered with examples of people and countries that lost fortunes because they didn't recognise this shift in time.

You say it best.

Bitcoin holders/believers have always said this, not just now, or any time someone chooses to do something fraudulent which has absolutely nothing to do with Bitcoin...

Bitcoin is the only organic and legitimate cryptocurrency going.

The rest are all quite literally pump and dumps / scams. 
That's also not to say that the Bitcoin "scene"  isn't full of scammers and snake oil salesmen, I am talking about the YouTube influencers etc... the whole thing is full of dodgy people. 

Exodi

DannyCarey said:

Exodi said:

darren232002 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?

You do realise that the entity that gave the price prediction that the quote was referring to of $140k, is now predicting a price for the immediate future of $13k right? It seems both I, and JPMorgan, are capable of changing opinions.

This is interesting, as you'd previously said that you'd sell everything you had if bitcoin ever went below $20k, yet here we are. Your 'changing' opinion seems to be "Bitcoin is going to the Moon" to "Bitcoin is definitely going to the Moon".

GDB2222 said:

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

To be fair GBD222, 99% of them are just pump and dump schemes to steal money. Hence why the narrative is being subtlely changed from "Crypto is the future" to "Bitcoin is the future".

adamp87 said:

The actions of exchanges over the weekend, FTX surely has knocked back confidence for a long time and further pushed back any form of adoption.

You must be having a wind up. Every other week we see a multi-billion pound crypto firm collapse, at this point it's just business as usual. I'm not sure what confidence there is to knockback - the only people who remain steadfast in their loyalty are the crypto bros. Western governments wouldn't even humour the idea of considering adoption.

darren232002 said:

History is littered with examples of people and countries that lost fortunes because they didn't recognise this shift in time.

You say it best.

Bitcoin holders/believers have always said this, not just now, or any time someone chooses to do something fraudulent which has absolutely nothing to do with Bitcoin...

Bitcoin is the only organic and legitimate cryptocurrency going.

The rest are all quite literally pump and dumps / scams. 
That's also not to say that the Bitcoin "scene"  isn't full of scammers and snake oil salesmen, I am talking about the YouTube influencers etc... the whole thing is full of dodgy people. 

You prove my point to an extent - obviously bitcoin holders believe in bitcoin. But there are more currencies than just bitcoin, and people invest in more than just bitcoin - they must have had faith in them in the past? I was just pointing out that the narrative has changed in the last year from 'crypto' being the future, to explicitly 'bitcoin' - obviously, as you reference, quickly moving the goalposts in response to the rampant pump and dumping that has occurred in virtually all the other cryptocurrencies.

But that's OK, because I'd still be suprised if bitcoin doesn't end up going the way of all the others over the next few years. Especially as we're close to (if not already at) the point it is no longer profitable to mine.

DannyCarey

My personal opinion is that it's the people who missed Bitcoin's multiple run ups who jump on stupid dog coins and other meme tokens hoping to catch "the next big thing", but there is no next big thing in crypto currency. It's Bitcoin or nothing succeeds. Its the only one without a central figure making decisions, VCs heavily influencing protocol decisions and changes etc. 

I don't see a mass moving of the goalposts. Bitcoiners have said everything else is a scam from day one, as they know how the protocol has grown organically from nothing, devoid of corruption. It has no central figure behind it making outlandish changes on a whim and corrupting it at will. 

The people who buy stupid dog coins and inevitably get burned either stay away from all things cryptocurrency, or maybe stick around, learn a thing or two and realise that Bitcoin is the one that has a legitimate chance. 

Section62

DannyCarey said:

I don't see a mass moving of the goalposts. Bitcoiners have said everything else is a scam from day one, as they know how the protocol has grown organically from nothing, devoid of corruption. It has no central figure behind it making outlandish changes on a whim and corrupting it at will. 

No they haven't.  There's at least one (previously) regular poster on this thread who was suggesting some specific crypto other than Bitcoin was/were a good investment.

There are also some who have objected in the strongest possible terms whenever the word 'scam' is used in relation to cryptocurrency.

Malthusian

"When the facts change, I change publicly declared experimental tests retrospectively so that I don't have to change my mind. What do you do, sir?" - John Maynard Keynes, maybe

Kevinstaaark

Bitcoin is a good investment if you have a high-risk tolerance, a strong financial position and want to increase your portfolio's exposure to digital currency

Frequentlyhere

DannyCarey said:

The people who buy stupid dog coins and inevitably get burned either stay away from all things cryptocurrency, or maybe stick around, learn a thing or two and realise that Bitcoin is the one that has a legitimate chance.

A legitimate chance at achieving what, Danny?

DannyCarey

Of being an appreciating asset with a fixed supply, which cannot be debased, that is accepted and used globally to send instant, permission-less borderless payments without any intermediary or third party, final settlement in around 10 minutes, that kind of thing. 
 

Frequentlyhere

DannyCarey said:

Of being an appreciating asset with a fixed supply, which cannot be debased, that is accepted and used globally to send instant permission-less borderless payments without any intermediary or third party, final settlement in around 10 minutes, that kind of thing. 

If I want to send money around the globe, I have a revolut account for that. I can exchange one currency fee-free for another, and send it *instantly* to someone else. Or I can use paypal. Or Wise. Or my bank account. etc etc.

The intermediary third party involved in those transactions is not a bad thing. That third party is there so that I'm less likely to send my money to a fraudster, or to the wrong person by mistake, or to compensate me if I buy a good/service not delivered, or if I lose my password/access to the platform I use.

None of these protections exist with bitcoin, and the end to end process to actually go from one person sending £ to someone in the US to spend in $ is much longer and more expensive to perform. Besides, why would you even bother if it's an appreciating asset? 

But that's all irrelevant anyway, as with how it's currently perceived if you offered someone on the other side of the World to pay for a good/service in Bitcoin they'd probably think you have something to hide and also wouldn't have a clue how to accept if even if they didn't think that. And by the time it arrived you'd have to send more to cover for it falling 5% in the course of an afternoon!

This is the problem with all of Bitcoin's use cases. When you get to the detail of it, It serves no purpose that isn't already done better, except for criminal transactions and ransomware.


And going back to it being an appreciating asset, well it won't be if it doesn't find a good purpose. Even criminals will find it less and less attractive as regulatory authorities catch up with it, and the pure gambling aspect has/will be severely curtailed by its worsening reputation.