BITCOIN as an alternative to regular currency

[ForFolksSake]

Bit coin Selloff Deepens, falling to Seven Month Low ... not good for Farage

[Sonny]

Bit coin break $1000 bubble bubble bubble

http://www.bbc.co.uk/news/technology-25120731

<shrug>

[ForFolksSake]

Bit coin break $1000 bubble bubble bubble

http://www.bbc.co.uk/news/technology-25120731

<shrug>

... and you still can't use it on BF

[Naffman]

At what price would a skeptic here buy it? I think if it were to go down to 20-25k then I would, even though I don't know anyone who uses BTC, it feels too big now with many big institutions buying it.

[ruthlessimon]

I think if it were to go down to 20-25k then I would

What matters is context: if BTC is down 80% while the s&p 500 is flat or up, that’s a structural failure, not a buying opportunity. (i.e. MSTR failure, Tether failure, quantum attack). Huge risk of BTC never recovering.

But if BTC is down 80% because the entire market is blowing up - i.e s&p 500 -50%, credit freezing, mainstream bank failures - that’s a potential buy - because it could rebound hard when the money printer starts.

[ruthlessimon]

Bit coin break $1000 bubble bubble bubble

http://www.bbc.co.uk/news/technology-25120731

<shrug>

Depending on the time horizon, it technically wasn’t the wrong call.

[Naffman]

Absolutely mental that if you bought 2 years ago today you're still well over 100% up despite the 30% drop.

[Euler]

Bitcoin price targets for 2025:

JPM: 170,000
VanEck: 180,000
S/Chartered: 250,000
Tom Lee: 250,000
Robert Kiyosaki: 350,000
BlackRock: 700,000
Chamath: 500,000
Saylor: 1,000,000
Pompliano: 500,000
Cathie Wood: 2,000,000

[Big Bad Barney]

Bitcoin price targets for 2025:

JPM: 170,000
VanEck: 180,000
S/Chartered: 250,000
Tom Lee: 250,000
Robert Kiyosaki: 350,000
BlackRock: 700,000
Chamath: 500,000
Saylor: 1,000,000
Pompliano: 500,000
Cathie Wood: 2,000,000

BigBadBarney: $0 .... 2026!

[weemac]

BigBadBarney: $0 .... 2026!

Good - that means I'll get a second chance to buy at $4, having refused the first.

[Big Bad Barney]

Good - that means I'll get a second chance to buy at $4, having refused the first.

lol. On the way down, or on the way back up? Fat finger you reckon?

Pretty sure the folks at \r\bitcoin would still be posting.... HODL and to the moon meme thingies!!!!

[firlandsfarm]

Why would any supplier/retailer accept Bitcoin? By doing so they are immediately taking a position on the Bitcoin price unless they automatically and immediately exchange them for cash. And currently if they retain Bitcoin proceeds they are effectively selling at an uncontrolled discount!

[Big Bad Barney]

Why would any supplier/retailer accept Bitcoin? By doing so they are immediately taking a position on the Bitcoin price unless they automatically and immediately exchange them for cash. And currently if they retain Bitcoin proceeds they are effectively selling at an uncontrolled discount!

Well that's no different to regular USD currency or whatever...you are taking a position on that fluctuating

It's just that bitcoin sucks as a currency worse than the other currency everyone still uses and has been for like 16 years or whatever since BTC was invented.... one would have thought the break and milk going public would have caught on to what a fabulous tool it is by now

[firlandsfarm]

Well that's no different to regular USD currency or whatever...you are taking a position on that fluctuating

Well yes I agree if I buy things in £'s but hold money in $'s, that would carry an exchange rate risk. But it would be rare for me to buy things in the UK priced in $'s. Suppliers price their goods in £'s and carry no exchange rate risk. But, if they accept Bitcoin then it is the supplier who carries the risk. And unless the seller can source their products in Bitcoin they have to change their Bitcoin to £'s and should change the Bitcoin price for their goods regularly as the Bitcoin rate varies and remember there is a double exchange rate risk ... Bitcoin:USD and USD:GBP. It is of course the supplier's decision but I would see Bitcoin as having higher risk than the 'normal currency' and requiring additional administration (unless you deal in the 'black market'! ).

[Big Bad Barney]

yeah, I hear ya... it makes no sense to me either... regular cash, regular banking and eftpos credit card to facilitate it solved those problems ages ago...