BITCOIN

Exodi

aaj123 said:

You've been criticising others for being "misleading", but "In the neighbourhood of $150k" is no more accurate than anything else which has been posted by those you criticise.

To be honest, that 150k comment was largely triggered by the response from the first reply and a desire to neutralise the damage done by that.

aaj123 said:

The "damage"? The damage to what? Your investments? They're probably more damaged by people getting so defensive with those who disagree with them. Not that anything anyone says here is likely to shift the price, so I wouldn't worry too much about "damage".

Besides, the "£3-3.50" post was so obviously taking the p. If someone seriously expected bitcoin to plummet, they might have said "under £100" or £1, or even zero. Being so specific as "£3-£3.50", really, you thought that was a serious prediction?

You and I might see the joke but someone new asking about Bitcoin and already wary due to media coverage would quite likely go away thinking there is a realistic chance of it going near zero like that reply said. 

See this is exactly the sort of mentality that riles people up in this forum.

Investors don't do this over any other asset class - as said earlier, no-one dismisses anti-Shell news as FUD. Why do you need to do damage control on behalf of bitcoin? Why do you need to say its going to go through the atmosphere to prevent people being discouraged from investing?

If your logic was true (that someone would come to this forum and be influenced to buy or not buy BTC based on posters predictions on future BTC value), it's obviously very dangerous to be pretending you think BTC will 5x in an attempt to encourage more people to buy in. 

Even your fellow crypto bro has realised that letting the mask slip like this is a big oof:

Scottex99 said:

aaj123 said:

To be honest, that 150k comment was largely triggered by the response from the first reply and a desire to neutralise the damage done by that.

Haha, ooops. That doesn’t come across well, my man.

aaj123

Exodi said:

aaj123 said:

You've been criticising others for being "misleading", but "In the neighbourhood of $150k" is no more accurate than anything else which has been posted by those you criticise.

To be honest, that 150k comment was largely triggered by the response from the first reply and a desire to neutralise the damage done by that.

aaj123 said:

The "damage"? The damage to what? Your investments? They're probably more damaged by people getting so defensive with those who disagree with them. Not that anything anyone says here is likely to shift the price, so I wouldn't worry too much about "damage".

Besides, the "£3-3.50" post was so obviously taking the p. If someone seriously expected bitcoin to plummet, they might have said "under £100" or £1, or even zero. Being so specific as "£3-£3.50", really, you thought that was a serious prediction?

You and I might see the joke but someone new asking about Bitcoin and already wary due to media coverage would quite likely go away thinking there is a realistic chance of it going near zero like that reply said. 

See this is exactly the sort of mentality that riles people up in this forum.

Investors don't do this over any other asset class - as said earlier, no-one dismisses anti-Shell news as FUD. 

It is also not typical for constant extreme FUD to be disseminated quoted about an asset even after a lot of evidence empirically and argument wise that the FUD is uncalled for. For example, what was the very first response when someone asked for Bitcoin price outlook (someone replied 3 or 3.5 implying the common FUD that 'it is worth zero'). When do see such blind FUD and pre-conceived notions elsewhere despite mounting evidence that shows these were invalid?

Malthusian

When do see such blind FUD and pre-conceived notions elsewhere despite mounting evidence that shows these were invalid?

Where else do we see obviously lighthearted jokes treated with deadly seriousness as "extreme FUD" and part of a financial conspiracy? 

zagfles

Malthusian said:

When do see such blind FUD and pre-conceived notions elsewhere despite mounting evidence that shows these were invalid?

Where else do we see obviously lighthearted jokes treated with deadly seriousness as "extreme FUD" and part of a financial conspiracy? 

Wherever vested interests are being defended. You see it in threads about IFAs, house prices, utilities warehouse, mini bonds, timeshares. They are so easy to spot. Lack of humour, overreaction to obvious ribbing, banging on and on about the same thing, never giving up even after being proved wrong, lack of objectivity, failing to accept different points of view may be valid etc.

Frequentlyhere

thegentleway said:

Believing Bitcoin will skyrocket is one thing. Being certain of it is quite another.
I really struggle to see how Bitcoin will dominate long term. All it really has is first mover advantage which is not a guarantee for success, e.g. Netscape. I don’t see how Bitcoin will be able to keep up with innovation and it is therefore doomed to fail. All it can hope for is to be a store of value, which it can’t be with ridiculous volatility and surely the dominant crypto(s) of the future will fulfil any current use Bitcoin has and much more, rendering it utterly defunct.
What do you estimate is the critical mass for a crypto to be too big to fail? It would seem you are extremely confident Bitcoin has long surpassed this threshold and is virtually guaranteed to be the one out of the 25,000 cryptos in current existence that will succeed. 

This is just about where my thinking has landed too, with the exception of the "hope" bit, as I don't particularly see it as a force for good and am not invested.

Functionality-wise it seems to be limited and frozen, and there seems to be no impetus for changing anything of significance in that area by those who could.

Re: store of value  well it's an interesting one. As just discussed, it has a lot of die-hard advocates so a lack of utility isn't necessarily an issue.  But how much adoption is there? Objective data is difficult - counting addresses isn't good enough and whilst there are plenty of very vocal supporters, it's cult-like nature makes that noise difficult to assess in reality.

Ultimately though, whilst I like a diversified portfolio, my barriers to investing in it are (in no order):

1)  Security/safety concerns - when "75% are unconvinced about the asset class’ safety and reliability" from a survey, there's no point in pretending there's not an issue there. Appreciate Bitcoin does not equal all crypto, but people really are not confident in holding any of it.

2) Large downside risks - the market is manipulated and Tether is yet to explode. I honestly have no idea what will happen when that unfolds, but I don't fancy being invested to find out. Regulation is being extensively rolled out, which is a risk in itself of course, and will also bring those issues to a head.

3) A soft one, but with many angles - I just don't like the scene. I don't like the attitudes of some of the people it seems to attract. I don't like the libertarian 'burn it all down' element, or the protective cult members, or the lies about how darn useful it all is. I certainly don't like the idea of holding an investment that is useful for ransomware and organised crime.

Which is a shame really, as investments that do their own thing and aren't fully correlated to stocks are very useful to me otherwise!

DannyCarey

thegentleway said:

Believing Bitcoin will skyrocket is one thing. Being certain of it is quite another.
I really struggle to see how Bitcoin will dominate long term. All it really has is first mover advantage which is not a guarantee for success, e.g. Netscape. I don’t see how Bitcoin will be able to keep up with innovation and it is therefore doomed to fail. All it can hope for is to be a store of value, which it can’t be with ridiculous volatility and surely the dominant crypto(s) of the future will fulfil any current use Bitcoin has and much more, rendering it utterly defunct.
What do you estimate is the critical mass for a crypto to be too big to fail? It would seem you are extremely confident Bitcoin has long surpassed this threshold and is virtually guaranteed to be the one out of the 25,000 cryptos in current existence that will succeed. 

Tell me you don't understand bitcoin without telling me you don't understand bitcoin.  

Adyinvestment

Europe has voted to regulate Crypto which is fantastic news for Bitcoin and everything Crypto, for me tightly regulating the stable coin space would be very welcome.

I was surprised by the majority this was voted for.

https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-first-comprehensive-crypto-regulation.html

aaj123

Adyinvestment said:

Europe has voted to regulate Crypto which is fantastic news for Bitcoin and everything Crypto, for me tightly regulating the stable coin space would be very welcome.

I was surprised by the majority this was voted for.

https://www.cnbc.com/2023/04/20/eu-lawmakers-approve-worlds-first-comprehensive-crypto-regulation.html

Indeed, regulating the ecosystem is positive in every way as that is where all the recent pain has emerged from. The underlying asset is by nature decentralised and will remain so. For instance, no regulation can tinker with the supply schedule of Bitcoin and the key characteristic that makes it hard unlike fiat. It could attempt to regulate mining but then the nature of the activity is such that it cannot be prevented from moving to where it wants. A lot of misundetrstanding and confusion exists among the public about the asset vs ecosystem and the general; comments seem to merge both of them.

Scottex99

Malthusian said:

Scottex99 said:

Actually there will be (at least) one more sh111tcoin in the market this time tomorrow, I know because our IEO goes live haha

Imagine investing in global economic value-added activity via Vanguard LifeStrategy and posting on Internet forums about how "there'll be another bunch of random strangers losing their life savings to us tomorrow to boost our retirement funds, haha, sucks to be them".
(For those not keeping up with the acbronyms, IEO = Initial Exchange Offering = people give you money and in exchange you give them tokens which you have generated by pushing a button on your computer.)

Yeah because if I was planning to lure people into losing their life savings, I’d be posting it openly here.

For the record, both IEOs sold out, one in 4mins. And we have 20k downloads of our app.

Nothing is guaranteed, especially in crypto but we’re fully intending to build a nice little community and offer products that people want to use.

Also fully regulated, and always have been

mooneysaver

Frequentlyhere said:

mooneysaver said:

Anyone heard any updates? Last mesage I saw was the LP was compromised and then radio silence.

I don't know why I bothered but I googled this rather cryptic (ba-boosh) message. I think @mooneysaver is referring to a "hack" of Safemoon's liquidity pool.

To be blunt, I think the update probably is that this is not a thread about Safemoon and that Bitcoin fanatic or cynic alike, no-one cares about Safemoon.

Hmmm, you think its a hack but some people saying its a code exploit. What Youtubes are you guys getting your updates from.

@dannycarey any discussions of this at Nike?