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BITCOIN
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Cheers all, maybe I’ll read through all the comments from the start again, one day. I’ve not dropped the HFSP line for a while…We did it, whatever “it”is.
In my head I thought 80-120k this cycle, maybe breaking the 100k sell wall was actually the hardest part. 150k would be great at some point this year.
And there will be another crypto winter and more black swans to come. There will be more crashes but there should be higher lows. I was wrong that it wouldn’t go sub $20k again, I think it hit 16k, I found a buy recently on eToro from Jan 2023 at $17,050, about 450% profit, in fact every single BTC buy ive ever done in my life is now green, which is nice.
Could $40-50k be the new future bottom?
Alt season is coming, crazy retail are back and even weirder a load of Dino/boomer coins like XRP/ADA/LTC are also pumping. The non savvy new retail investors aren’t too different from 2017 to 2024.
Can XRP get to $10,000? No.
ive started to consolidate wallets, protocols and recover assets that I had lying around all over the crypto world. Starting to load some cash into my bank too.
Next year I’ll buy a place in Gibraltar, maybe in Spain too and the chunky deposits will come from magic internet money.
Not sure if allowed but here’s me being professional on another platform too:
https://www.linkedin.com/posts/scott-mckim-a3b4a2b1_!!!!!!-it-995k-is-good-enough-gm-we-made-activity-7265642536453480449-Pb4d?utm_source=share&utm_medium=member_ios2 -
I don't get the significance of the $100k sorry. Bitcoin is one of an asset class that is 2/3rds the market cap of Apple, but no one I recall made a big deal about that share price going above a $ number.
To me it appears as a speculative asset that has made significant paper profit compared to some devaluing fiat currency, but I don't see anything more in it than just fiat currency profiting from a zero sum game. I must be too old
Edit: @Pearce7630 has visited MSE once, created this one thread with it's only message, that now has 343 pages.. mysterious1 -
MeteredOut said:RichTips said:MeteredOut said:RichTips said:I wonder if the buzz this news generates will encourage the detractors here to reconsider their opinions or just entrench themselves further in the position that Bitcoin is just "useless numbers". How big does it need to get, or rather, how much do fiat currencies need to devalue before a programatically secure, finite and non-sovereign exchange asset starts to have merit?
Likewise, its size does not alter its utility. It either has merit or it does not.
Maybe I should have just responded "No, I don't think the buzz this news generates will encourage the detractors here to reconsider their opinions"
But, the fact that you call BTC passing $100K as "news" is telling.
(I think you should collect your misspellings)The fact that I call BTC passing $100K "news" is telling? Eh? How's that? You serious? What event that has sparked articles from all major and innumerable minor news outlets doesn't objectively qualify as news?Please dm me my misspellings. I do actually like to learn and will take them on board and try not to repeat them.0 -
Never mind gents, it's already back down to $99k. Dropping like a stone. Plummeting I tells ya. Time for us hodlers to hodl our hands up and admit that we were wrong.1
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Cus said:I don't get the significance of the $100k sorry. Bitcoin is one of an asset class that is 2/3rds the market cap of Apple, but no one I recall made a big deal about that share price going above a $ number.
To me it appears as a speculative asset that has made significant paper profit compared to some devaluing fiat currency, but I don't see anything more in it than just fiat currency profiting from a zero sum game. I must be too old
Edit: @Pearce7630 has visited MSE once, created this one thread with it's only message, that now has 343 pages.. mysterious
It's just an arbitrary round number, it was supposedly never going to $1k, $10k or $100k. The next one will be $1m.
It's speculative for sure and very volatile.
I don't think it's zero sum though, you could argue that about a lot of assets, minus companies creating "value" in their products or gold being nice and shiny.
With major players and large liquidity, plus nation states potentially getting involved, it's not like i'm waiting for John from Wigan to finally buy some so that I can dump on him1 -
Scottex99 said:Cus said:I don't get the significance of the $100k sorry. Bitcoin is one of an asset class that is 2/3rds the market cap of Apple, but no one I recall made a big deal about that share price going above a $ number.
To me it appears as a speculative asset that has made significant paper profit compared to some devaluing fiat currency, but I don't see anything more in it than just fiat currency profiting from a zero sum game. I must be too old
Edit: @Pearce7630 has visited MSE once, created this one thread with it's only message, that now has 343 pages.. mysterious
A stock with one share, I own the share, I receive dividends and therefore "win". I don't need anybody "lose" to make money. Obviously not zero sum.
Now imagine there is only one bitcoin. You own it. The only way you can make money is to sell it to someone else. You "win", they "lose". Obviously zero sum.
Zero sum doesn't make it bad. Poker and chess are zero sum games and they are great. So are futures contracts and options. Plenty of financial instruments are zero sum. Nothing wrong in principle with being zero sum. It's just silly/misguided to claim BTC is anything but zero sum. The supply is fixed and it doesn't produce anything. It's zero sum by definition. There's one cake, if you have a bigger slice then I have less cake.No one has ever become poor by giving2 -
I get that, and I play a lot of poker. Is it still zero some sum if the platform/casino rakes the cash pots/tournament buy ins and makes profits, pays staff, even pays a dividend if they are a listed company? Genuine question.
And it's been discussed before on here.
I "win" because I make profit. They don't just "lose" instantly because I "won".. They have control over the asset that they bought and may "win" in future.
It's not me saying defensively that it's not zero-sum, as you stated above it probably is. It's the insinuation (not from you) that its some evil enterprise because it's ZS.
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Interesting question. I’m not really sure. Zero sum is just a mathematical category with some theories for those types of games. I imagine the theories wouldn’t apply very well to that example and therefore would probably not be deemed zero sum.I agree being zero sum doesn’t make it evil. Nothing inherently wrong with zero sum. It’s a somewhat useful distinction as some people prefer not to invest in those instruments as they are speculative.
It interesting you buy at every price point and don’t try to exploit the volatility, i.e. buy more when it’s going down, take profits when it’s up. I guess my question is what’s the end game strategy? There must be a limit to adoption right. I.e. let’s say everybody that would ever want a bitcoin has bought some. Presumably the price stabilises (both supply and demand are fixed at this point?) so it just becomes store or value/currency?No one has ever become poor by giving0 -
Mainly because it's too difficult.
If we knew where the top and bottom of any stocks/crypto or any other asset, we'd be retired billionaires already.
A decent strategy imo for long term holders and noobs alike is, DCA a set amount weekly/monthly, set and forget. Then on top of that when you get the big crashes you go in a bit harder. That's the scary bit when emotion can run high and you make mistakes, plus none of us can predict the future anyway.
So when I was buying up after the FTX fallout at sub $20k, of course I knew there was risk but I had to try to figure out the risk/reward. Did I know $16k was the bottom? Definitely not. Would I have bought at $12k, $8k, $4k? Yes. Would I have bought at sub $1k? Maybe not, even though my thesis "should" be unchanged.
"You buy bitcoin at the price you deserve" is an answer you'll see.
The supply is fixed so yep as it rises in value, it gets more and more difficult, being a "whole coiner" becomes out of reach for many.
But, markets move fast, I've started to sell to fiat and will try to get out more as it climbs, knowing I'm very very unlikely to sell the top, whenever it comes.
Very rough numbers would be sell at $90-150k, buy back at $40-60k when crypto winter comes again, easier said than done but you should learn something from each cycle you navigate/survive!
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Strategic Reserve incoming?The Donald with some bullish chat, in fact lots of bullish talk coming from all over right now
MSTR > MSFT?Saylor does look a bit like he’s running a ponzi but also something that’s never really been done (at this scale) before either, market doesn’t know how to price it1
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