Bitcoin

Linton

[Deleted User] said:

Bitcoin just hit $50k, another all time high record.

Bitcoin is the only hard money available next to gold and silver. Unfortunately, metals can be and are manipulated and diluted with paper contracts, to some degree. When you buy metal ETF, you just buy paper behind which there is no physical metal, as it all been already allocated.

Bitcoin can't be manipulated, it's decentralized and censorship resistant, without single point of failure. There are only 2.37M bitcoins left to be mined worldwide and miners are extracting 900 coins per day and this rate will slowdown with time, it will never increase. That's $45 million in today's prices. Tesla alone, single handedly, bought $1.5 billion of it recently. That's the problem with hard money, you can't print unlimited amount of it.

Governments are printing money like crazy. Our buying power and wealth is being destroyed. I was saying that for years, and on this forum I was laughed at.

Well, no one is laughing now. Especially those in denial who will be left behind with nothing. 👋👋👋

Strange that no-one has told Tesco that buying power and wealth is being destroyed.  My £s buy much the same number of baked bean tins as they did a year ago, or 5 years ago come to that.  Methinks the forum will continue to laugh at you.

But one advantage of butcoin.  When the world currencies are replaced by bitcoin people wont need to work any more since their savings will be rapidly increasing in value every year just sitting in their wallets.   

HansOndabush

You are naive if you think Bitcoin can't be manipulated. 40% of Bitcoin is owned by just 1000 people. Governments and banks can outlaw it anytime they want; and some already have. A bubble can go to any height but eventually will pop back down.

onomatopoeia99

HansOndabush said:

You are naive if you think Bitcoin can't be manipulated. 40% of Bitcoin is owned by just 1000 people. Governments and banks can outlaw it anytime they want; and some already have. A bubble can go to any height but eventually will pop back down.

How do banks outlaw anything?  Where do banks have the ability to pass primary legislation and create criminal offences?

Notepad_Phil

patient_investor said:

Bitcoin can't be manipulated, it's decentralized and censorship resistant, without single point of failure.

I take it that you don't have either a software engineering or a political science background - the US government could certainly render bitcoin valueless if they ever wanted to ban it and although it would certainly be difficult to do, bitcoin certainly could be manipulated by software (he who lives by software can die by software).

[Deleted User]

Guys I posted this on previous page to reanimate this discussion a bit and woke up some naysayers. Still, I found it funny how they call it "butcoin" when they run out of arguments.

Retireby40 said:

So you're a millionaire now based on all the bitcoin you have bought?

You only need 29 Bitcoins to be a millionaire. Bitcoin exists for like 11 years now. 29 Bitcoins that would cost you $12000 (total) five years ago. Even better, if would cost you $6800 six years ago. And so on. So I don't need to answer that question I think.
If you actively ignored it for all these years then this is the answer for another question - where is YOUR million.

eskbanker

Notepad_Phil said:
he who lives by software can die by software

Especially if choosing to fly in a 737 Max....

[Deleted User]

HansOndabush said:

You are naive if you think Bitcoin can't be manipulated. 40% of Bitcoin is owned by just 1000 people. Governments and banks can outlaw it anytime they want; and some already have. A bubble can go to any height but eventually will pop back down.

Please don't forget that Bitcoin is not just price. It's a protocol, like TCP/IP. It allows for uncensorable transfer of wealth all around the globe. All instant and cheap, thanks to second layer solutions like Lightning. You can't ban that, you would have to turn off whole Internet. Once it's out, it's out. Just like you can't declare cryptography and matematics a munitions like US Government once tried.

Governments, central banks ban and unban it all the time, and look where it got them.

https://99bitcoins.com/bitcoin-obituaries/

Cus

Unfortunately for most, people who bought a few years ago would have already sold out for a nice profit and now wish they had kept them, I'm sure that's the case with some of the posters on here.
I think that governments will monitor the progress, usage, mechanics of payments etc, and at a certain point introduce a government(s) backed crypto currency that can facilitate the same benefits bitcoin with respect to making payments etc. That, along with strict regulation on bitcoin receivers, companies involved etc, and difficulties using a non government back crypto for things like tax, mortgages, regulated investments etc will mean that the network of bitcoin becomes a large black market that is attacked from every government angle.  Bitcoin will slump down to a level where it then becomes ok for governments to allow exchange bitcoins for gov crypto at basic rates like $100 per bitcoin or whatever the market ends up at, and then it is just absorbed.

So to me, the crucial thing is at what point does this structure become inevitable and get out of bitcoin before it.
All of the above is a complete guess obviously.

eskbanker

It's no secret that the Bank of England, among many others no doubt, are looking at central bank digital currencies - this was published nearly a year ago:

https://www.bankofengland.co.uk/paper/2020/central-bank-digital-currency-opportunities-challenges-and-design-discussion-paper

HansOndabush

onomatopoeia99 said:

HansOndabush said:

You are naive if you think Bitcoin can't be manipulated. 40% of Bitcoin is owned by just 1000 people. Governments and banks can outlaw it anytime they want; and some already have. A bubble can go to any height but eventually will pop back down.

How do banks outlaw anything?  Where do banks have the ability to pass primary legislation and create criminal offences?

Just google 'HSBC bans bitcoin'. Banks can and do make up their own rules.