BITCOIN as an alternative to regular currency

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Zenyatta
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abgespaced wrote:
Sat Feb 13, 2021 11:49 pm
to pump it then dump it

Yup, you got that bit right. Bitcoin is sold as being for 'the little guy', but in fact its just the opposite, the whales control the price. When Elon 'pumped it' by buying, he can just as easily 'dump it' by selling.
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Naffman
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Zenyatta wrote:
Tue Feb 16, 2021 9:43 am
abgespaced wrote:
Sat Feb 13, 2021 11:49 pm
to pump it then dump it

Yup, you got that bit right. Bitcoin is sold as being for 'the little guy', but in fact its just the opposite, the whales control the price. When Elon 'pumped it' by buying, he can just as easily 'dump it' by selling.
95% of BTC is owned by 2% of wallets, similarly I think I read recently about 50% of Dogecoin is owned by about 15 people with the biggest owning $1.5B
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abgespaced
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johnsheppard wrote:
Mon Feb 15, 2021 11:10 pm
Presumably, the government having control over money, is actually a helpful thing for an economy if it is well managed.

I guess you gotta asked, which countries don't have well managed economies...and observe what happens there...
Observe Nigeria. They broke their economy with hyperinflation. Guess which alternative currency is booming there now...
superfrank wrote:
Tue Feb 16, 2021 12:10 am
It is no coincidence that the value of BTC has exploded along with the balance sheets of central banks.

Money printing isn't going to stop, not a chance.

Stagflation is coming and the next desperate step will be debt forgiveness.
Yup. And outlawing Bitcoin.
Zenyatta wrote:
Tue Feb 16, 2021 9:43 am
Bitcoin is sold as being for 'the little guy', but in fact its just the opposite, the whales control the price.
Bitcoin can be marketed as whatever you want it to be. The fact is there are indeed "little guys" making very good use of it. E.g. Nigeria and the way it is opening up all sorts of new trade opportunities there. I doubt they care what Elon Musk is doing.
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Euler
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I have no idea how high Bitcoin will go, but I'd imagine it will go higher as it's closer to a mania now than a new paradigm.

You can't predict reliably what will happen and where it will end. But if people are feeling that Bitcoin is the new order it almost certainly wont be. It's got worse problems than traditional currency.

The Eco lobbying haven't really got their teeth stuck into the immense costs of mining. It's curious situation. I've played it by proxy, rather than directly. But I'd say this is one of few major tech trends that I wasn't in early on. Such is life.

No idea what happens next!
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Naffman
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Euler wrote:
Wed Feb 17, 2021 11:27 am
I have no idea how high Bitcoin will go, but I'd imagine it will go higher as it's closer to a mania now than a new paradigm.

You can't predict reliably what will happen and where it will end. But if people are feeling that Bitcoin is the new order it almost certainly wont be. It's got worse problems than traditional currency.

The Eco lobbying haven't really got their teeth stuck into the immense costs of mining. It's curious situation. I've played it by proxy, rather than directly. But I'd say this is one of few major tech trends that I wasn't in early on. Such is life.

No idea what happens next!
The amount of young people especially 'investing' loads into Crypto is very concerning, I have a friend who just put $1k into dogecoin and I reckon that is well below average.

Everywhere you look it's Crypto and now people are targeting the smaller coins so they make more money, it reeks of greed and one day you would think it's all going to come crashing down.

Eco Groups should target electric cars and lithium mining too but they don't, makes you wonder why they don't.
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3virgul14
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What I learned from my short life of 40 years so far is this:

The world is a playground where the naughty and shameless gets most of the toys.

Look around : you see any clever logical people who are actually running things or leading the public??

Music, total idiocracy .

Sports , bunch of overpaid uneducated spoiled personalities mostly.

Economy, total joke. All the theories we learnt went to the thrash bin and no one is questioning?!

Wizz air stock is all time high where they cant even put %20 of a capacity in a plane over 1 year.

Tesla, all time high. Cant sell cars to even %0.0001 of the population.

Media, just bollocks. Idiocracy even bigger.

We call it growth and development where we exploit the planet living on to the destruction.


I wont be surprised if bitcoin or other digital currencies reach1m USD and people kill each other to have it. Enough that certain Kardashian fake tech gurus promotes it . Govs and banks will follow suit.
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Euler
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70% of Bitcoin processing power is located in China: -

U.S. vs China: The Battle for Bitcoin Mining Supremacy | WSJ

https://www.youtube.com/watch?v=-RdDmRlCbRE
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beermonsterman
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Euler wrote:
Wed Feb 17, 2021 5:40 pm
70% of Bitcoin processing power is located in China: -

U.S. vs China: The Battle for Bitcoin Mining Supremacy | WSJ

https://www.youtube.com/watch?v=-RdDmRlCbRE
That looks like a glimpse into the future currency
governments must be shitting bricks with their Ponzi fiat schemes bout to implode not that i know much about it but taking an interest rom what I'm learning on here
Very interesting
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superfrank
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Elon Musk: Bitcoin is 'less dumb' than holding cash
https://uk.finance.yahoo.com/news/elon- ... 32658.html
He added: “However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is “almost”.
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superfrank
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Peter Schiff is not impressed with Bitcoin (or Elon Musk buying it!).
https://twitter.com/PeterSchiff

Both Tesla and BTC having significant pullbacks this week.
rik
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so whats the chance in 5 years bitcoin is worth >10 times its current price compared to it losing in value???
surely there must be value in the upside being way higher than the downside with these speculative stocks
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abgespaced
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rik wrote:
Tue Feb 23, 2021 7:06 pm
so whats the chance in 5 years bitcoin is worth >10 times its current price compared to it losing in value???
surely there must be value in the upside being way higher than the downside with these speculative stocks
Chance of Bitcoin going another 10x from here is high if the central banks don't stop printing money. Much of the market cap of Bitcoin is a result of rapidly devaluing the US dollar and US treasuries no longer being a viable hedge against inflation because of 0% interest rates. Gold and silver are suppose to fill this role but two problems with that - nobody knows where the gold is and silver has remained stagnant for years, so a lot of millennials don't trust metals anymore than they trust paper money. Plus crypto is opening up many doors to global trade in less sophisticated countries, so it's not just a speculative bubble; it has uses and intrinsic value contrary to what the shills say.

But value of Bitcoin aside, if crypto as a technology is still around in 5 years then it is more likely that a second generation coin will have taken it's place, therefore the potential for 10x gains on Bitcoin alternatives will be much higher than Bitcoin's chances. With at least 8000 alt coin projects and counting, I'd say it is almost a mathematical certainty that crypto will be around in 5 years and that the market cap of Bitcoin will move towards a more equidistributed home amongst the alts.

All that said, the Fed, central banks, the whales and tech giants, would-be dictators at Davos and the WEF, Wall St etc all have enough fingers in the pie to make a mess of Bitcoin, if they would rather see the power balance remain with them as the global financial system currently stands. And unless you are amongst the most fast-asleep of the population, you'd understand just how far these people are willing to go to eliminate any threat to their power.

So this isn't financial advice, but if anyone did happen to ask me how to approach speculating in crypto, I would say that a diversified approach is best.
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Euler
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It’s Gates Versus Musk as World’s Richest Spar Over Bitcoin

https://www.bloomberg.com/news/articles ... f=X2PkL1Vc

Unless you’re the world’s richest person, you shouldn’t be buying Bitcoin. That’s the message from Bill Gates — the third richest.

With a rally of more than 400% over the past year, Bitcoin has become increasingly mainstream, and everybody including prominent investors and policy makers have been talking about it. The world’s on-again, off-again richest person, Elon Musk, recently invested $1.5 billion in the cryptocurrency through his company, Tesla Inc., and said Bitcoin would soon be accepted for payments.
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Naffman
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Makes me wonder as everyone has blown their $1200 stimulus on bitcoin that the money is seriously about to dry up
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gazuty
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My issues with Bitcoin:

1 seems difficult to hold - where to obtain? is it safe from hacking? All of the middle service providers seem dodgy or like cfd providers?
2 seems difficult to use as a medium of exchange
3 still restricted to a very small community

.....

I’ve been gradually buying gold (via pmgold on asx which gives right to hold physical)

In comparison to bitcoin

1 easy to purchase on asx. Well regulated. Perth Mint is guaranteed by the western Australian government.
2 difficult as medium of exchange (have to sell on asx and convert back to fiat currency) cannot buy a coffee.
3 gold has a broader community than Bitcoin (that could of course change) and thousands of years of human history as a store of value.

......

So for me I’ll just keep buying gold for the foreseeable future, try to get up to 10% in gold. At moment got 4% in gold.
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