Bitcoin Take?

[ChiefRocka]

The natural evolution of money is Bitcoin

https://twitter.com/thebtctherapist/...035052024?s=46

[suzzer99]

Originally Posted by BossChief

The banks ran a huge Ponzi scheme that hurt the us economy...with US dollars.

New technology isn’t nessesarily tangible, but technology coins like Ethereum absolutely have huge value.

US Dollars are accepted as US tax revenue, and backed by tanks and fighter jets. Both of those things are tangible.

Blockchain is an interesting technology that may revolutionize currency. Or not. But that still doesn't make BTC, or ETH or any other crypto token worth any particular intrinsic value. That's why there's nothing to stop them when they fall.

[BossChief]

Originally Posted by suzzer99

US Dollars are accepted as US tax revenue, and backed by tanks and fighter jets. Both of those things are tangible.

Blockchain is an interesting technology that may revolutionize currency. Or not. But that still doesn't make BTC, or ETH or any other crypto token worth any particular intrinsic value. That's why there's nothing to stop them when they fall.

What would happen If the US government was forced to show its supply of gold and it couldn’t,

Even though it’s a confidence based financial system, all the tanks and jets wouldn’t save the dollar from losing a great deal of its value.

Encrypted currencies are still in their infant stages of development.

To say the technology doesn’t have value is a bit silly.

[Fat Elvis]

Originally Posted by BossChief

What would happen If the US government was forced to show its supply of gold and it couldn’t,

Even though it’s a confidence based financial system, all the tanks and jets wouldn’t save the dollar from losing a great deal of its value.

Encrypted currencies are still in their infant stages of development.

To say the technology doesn’t have value is a bit silly.

You do understand that the US completely severed the dollar to the gold standard in 1971, don't you?

I don't think you understand how money actually works.....

[BossChief]

Just because it’s a “confidence based system” doesn’t change the fact that something like what I posted would heavily impact the value of the dollar

[-King-]

Originally Posted by BossChief

Just because it’s a “confidence based system” doesn’t change the fact that something like what I posted would heavily impact the value of the dollar

What does showing gold have to do with the dollar if the dollar isn't backed on gold?
Posted via Mobile Device

[ChiefRocka]

Originally Posted by Fat Elvis

Therein lies the difference between the folks lewdog referenced and who the guy in your video references: Folks who've HODL in the video have had Bitcoin for years--those are the folks who've made money on Bitcoin. The Johnny-Come-Lately's, well, as lewdog put it....woof.

Could it happen again? Sure. But I wouldn't hold my breath for $400K bitcoin like some predict.

Sure but 5-8x in 1 year from current prices isn't an absurd prediction. Later in that Congressional hearing the SEC chairperson predicted a 20 trillion dollar crypto market cap by 2020 if patterns hold true. If it comes up slightly short of that I won't be crying. But yes, you shouldn't daytrade a highly speculative asset in the hopes of striking it rich.

Honestly, I started this thread because I saw this thing gaining traction and and it hasn't slowed down. I think we are right smack in the middle of a transformative movement and the new Vanderbilt's and Rockefeller's are being crowned all while average Joe has a shot at a slice of the pie but is too short-sighted to buy & hodl while this thing plays out it's price discovery phase..

[Fat Elvis]

Originally Posted by ChiefRocka

Sure but 5-8x in 1 year from current prices isn't an absurd prediction. Later in that Congressional hearing the SEC chairperson predicted a 20 trillion dollar crypto market cap by 2020 if patterns hold true. If it comes up slightly short of that I won't be crying. But yes, you shouldn't daytrade a highly speculative asset in the hopes of striking it rich.

Honestly, I started this thread because I saw this thing gaining traction and and it hasn't slowed down. I think we are right smack in the middle of a transformative movement and the new Vanderbilt's and Rockefeller's are being crowned all while average Joe has a shot at a slice of the pie but is too short-sighted to buy & hodl while this thing plays out it's price discovery phase..

The big money was being made when you started this thread back in 2013. That was the time to get in....congrats to you. Seriously.

I wouldn't be surprised to see crypto currency to achieve a $20 trillion market cap...but not due to any intrinsic value of crypto...rather due to the fact that, for all intents and purposes, there is an infinite supply of crypto currencies available. With the right software, anyone can literally their own new currency-even if that particular currency has a finite supply. Just look at Dogecoin; it was a satire currency that, at it's peak, had a $2b market cap (although off 75% from it's highs, it is up 32% this morning).

What I see happening is a rotation in and out of currencies, an artificial pumping and dumping of currencies not too unlike what you often see with Penny stocks. It is why, I think, you will see more regulation of cryptos going forward, and the quick and easy money has already been made.

[ChiefRocka]

Originally Posted by Fat Elvis

The big money was being made when you started this thread back in 2013. That was the time to get in....congrats to you. Seriously.

I wouldn't be surprised to see crypto currency to achieve a $20 trillion market cap...but not due to any intrinsic value of crypto...rather due to the fact that, for all intents and purposes, there is an infinite supply of crypto currencies available. With the right software, anyone can literally their own new currency-even if that particular currency has a finite supply. Just look at Dogecoin; it was a satire currency that, at it's peak, had a $2b market cap (although off 75% from it's highs, it is up 32% this morning).

What I see happening is a rotation in and out of currencies, an artificial pumping and dumping of currencies not too unlike what you often see with Penny stocks. It is why, I think, you will see more regulation of cryptos going forward, and the quick and easy money has already been made.

Pardon the pun but you're selling some of these coins short. There are a few that will make comparable gains to BTC and ETH today. If you think the train has left the station you're sorely mistaken but of course only time will tell. Just some Chief's fan prediction.

In comparison to world markets there is very little money invested in the crypto sphere today.

[Eleazar]

https://www.bloomberg.com/news/artic...o-goldman-says


Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says
By Kana Nishizawa
February 6, 2018, 10:22 PM CST

The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc.’s global head of investment research.

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated Feb. 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market.

“The high correlation between the different cryptocurrencies worries me,” Strongin said. “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”

Today’s digital coins lack long-term staying power because of slow transaction times, security challenges and high maintenance costs, according to Strongin. He said the introduction of regulated Bitcoin futures hasn’t addressed those concerns and he dismissed the idea of a first-mover advantage -- noting that few of Internet bubble’s high fliers survived after the late 1990s.

“Are any of today’s cryptocurrencies going to be an Amazon or a Google, or will they end up like many of the now-defunct search engines? Just because we are in a speculative bubble does not mean current prices can’t increase for a handful of survivors,” Strongin said. “At the same time, it probably does mean that most, if not all, will never see their recent peaks again.”

Strongin was more upbeat about the blockchain technology that underlies digital currencies, saying it could help improve financial ledgers. But even there he sounded a note of caution, arguing that current technology doesn’t yet offer the speed required for market transactions.

[Fat Elvis]

Originally Posted by ChiefRocka

Pardon the pun but you're selling some of these coins short. There are a few that will make comparable gains to BTC and ETH today. If you think the train has left the station you're sorely mistaken but of course only time will tell. Just some Chief's fan prediction.

In comparison to world markets there is very little money invested in the crypto sphere today.

I like to watch Bitcoin Ticker as I found it pretty fascinating watching the price/volume action on Bitcoin. One time, I saw a 40% price swing on Bitcoin in a 10 minute period; that, in and of itself, isn't rational. It gets really nutty when you look at the volume it took to move the price that much: Looking across the different exchanges that Bitcoin Ticker tracks, it only took about 1,210 Bitcoins to move that market by 40%--understanding that there are currently 16,851,412 Bitcoins in circulation currently, that means that .00665% created such a drastic change. To put it in perspective, imagine Berkshire Hathaway fluctuating in price by 40% based on one quarter of its average daily volume.

[Hog's Gone Fishin]

I sold my $720 worth of bitcoin this morning at the 8253 price level. When it dips below 7200 I will buy it back. I'm gonna get rich dammit if it kills me!

[CanadianChief]

Originally Posted by Hog's Gone Fishin

I sold my $720 worth of bitcoin this morning at the 8253 price level. When it dips below 7200 I will buy it back. I'm gonna get rich dammit if it kills me!

When you sell do you just put it in USDT and keep it on an exchange? I’m trying to figure out the best way for me to do this. Do most people just try to sell at the high point and then convert to USDT so that the value holds and then buy back in when/if the coin tanks?

[Dave Lane]

Originally Posted by BossChief

The banks ran a huge Ponzi scheme that hurt the us economy...with US dollars.

New technology isn’t nessesarily tangible, but technology coins like Ethereum absolutely have huge value.

Why?

[Dave Lane]

Originally Posted by Fat Elvis

I like to watch Bitcoin Ticker as I found it pretty fascinating watching the price/volume action on Bitcoin. One time, I saw a 40% price swing on Bitcoin in a 10 minute period; that, in and of itself, isn't rational. It gets really nutty when you look at the volume it took to move the price that much: Looking across the different exchanges that Bitcoin Ticker tracks, it only took about 1,210 Bitcoins to move that market by 40%--understanding that there are currently 16,851,412 Bitcoins in circulation currently, that means that .00665% created such a drastic change. To put it in perspective, imagine Berkshire Hathaway fluctuating in price by 40% based on one quarter of its average daily volume.

The market is extremely thin and weak.

[ghak99]

Originally Posted by Fat Elvis

I like to watch Bitcoin Ticker as I found it pretty fascinating watching the price/volume action on Bitcoin. One time, I saw a 40% price swing on Bitcoin in a 10 minute period; that, in and of itself, isn't rational. It gets really nutty when you look at the volume it took to move the price that much: Looking across the different exchanges that Bitcoin Ticker tracks, it only took about 1,210 Bitcoins to move that market by 40%--understanding that there are currently 16,851,412 Bitcoins in circulation currently, that means that .00665% created such a drastic change. To put it in perspective, imagine Berkshire Hathaway fluctuating in price by 40% based on one quarter of its average daily volume.

Just watching the charts on gdax scares the hell out of me.

You see an opportunity building, the transactions start to happen, then it moves with them, then they get out. When you look back at the volume/movement over a few hour move it's insane to think that such a small volume appears to have that kind of power.