Thread: RIP Bitcoin

^

Forkin Hell.
Look at that chart. I wonder if I own any of that. I went on a diversification spree a couple years back. Last time I logged onto Polo I found I owned some weird shit.

40k btc overnight - it backed off a bit but then it just creeps up again.

this is like the 'who wants to be a millionaire' game show - "you can leave now and take the money or keep playing for a chance to double it".

its stressful!
(nah - I wrote off the whole lot after the last crash so its a laugh )

can i own it now?

Originally Posted by Ukan Kizmiaz

40k btc overnight

does smeggles have more money than elon musk yet ?

as i've been saying on this thread for years, there are two reasons i don't own any bitcoin....

1. i don't understand it. i mean i do....but i don't.
ok, i just don't.

and

2.

About 2% of accounts control 95% of all Bitcoin

Bloomberg - Are you a robot?


definitely not a hater, though.
i hope you all keep making huge gains.

Originally Posted by raycarey

1. i don't understand it. i mean i do....but i don't.
ok, i just don't.

I have been reading a few articles on it out of curiosity since it has been in the headlines.

It seems as though the total market capitalisation of BTC is now reaching the same order of magnitude as gold.

I think the total value of all mined gold in the world is somewhere in the region of 8 Trillion USD

The total market value of all BTC (capped at 21 Million units) is now almost 1 Trillion

Incredible story of a tech revolution in world financial affairs that a virtual currency can be conjured almost out of thin air and reach such a stratospheric valuation in just 10 years.

Originally Posted by Plan B

America tries to sort out its mess, crypto mess, not the other mess.

Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework | Bitcoin News


According to the bill summary provided by Conaway, the legislation aims to “fill in the regulatory gaps” that exist between the CFTC and the U.S. Securities and Exchange Commission (SEC) in digital asset markets

Some may consider these initiatives currently being formulated, as similar to the Chinese banking regulator/ government's efforts.

Originally Posted by misskit

China's banking regulator has vowed to crack down heavily on the "disorderly expansion of capital" and "chaotic innovation" among tech companies providing financial (fintech) services

Originally Posted by Looper

I think the total value of all mined gold in the world is somewhere in the region of 8 Trillion USD

The total market value of all BTC (capped at 21 Million units) is now almost 1 Trillion

Incredible story of a tech revolution in world financial affairs that a virtual currency can be conjured almost out of thin air and reach such a stratospheric valuation in just 10 years.

It's good fun.

If you have some spare cash that you're not gonna miss, chuck it into BTC and a few alts. Have a wee look in 1, 3, 5, 10 years time.


And/or put a bit in short term. Catch a dip, them swings be wild.


All good fun. :-)

Originally Posted by Edmond

And/or put a bit in short term. Catch a dip, them swings be wild

It is an interesting idea.

I have been toying with the notion of revising my approach to savings and investment after reading Fooled by Randomness, The Black Swan and Antifragile by Nassim Taleb

He recommends an investment strategy of keeping 95% of your money in the safest vehicle you can find and betting the other 5% on as many tiny high risk/high gain speculative bets as you can cover

Originally Posted by raycarey

1. i don't understand it. i mean i do....but i don't.

and that is one of the biggest problems it faces and also what drives so much of the Fear Of Missing Out

most people seem to keep their crypto on the exchanges they purchased them on and really do not know anything about transferring it elsewhere and the risks involved

being your own bank is not as easy as people seem to think and it is easy to lose it all in the blink of an eye

that said , crypto currencies are the future of money and blockchains are the future of accountability and transparency , and the sooner you learn the better you will be at using it as it becomes more mainstream

it may be a bit cliched , but the internet was once the domain of nerds and scientists , but things do change fast

and like internet commercialisation over the years , 99% of crypto coins/tokens will die

Originally Posted by Looper

I have been reading a few articles on it out of curiosity since it has been in the headlines.

It seems as though the total market capitalisation of BTC is now reaching the same order of magnitude as gold.

I think the total value of all mined gold in the world is somewhere in the region of 8 Trillion USD

The total market value of all BTC (capped at 21 Million units) is now almost 1 Trillion

Incredible story of a tech revolution in world financial affairs that a virtual currency can be conjured almost out of thin air and reach such a stratospheric valuation in just 10 years.

Staying with round numbers, BTC is around 8% the market cap of gold (800bn vs 10tr). By year end and the way it's looking as early as April-May, based on new institutional interest piling on existing institutional interest, tons of freshly printed and earned monies looking for a place to park, and even seemingly 'insignificant' data such as google searches, number and types of btc wallets, their content and activity, whale holdings/activity vs btc price, and exchange data, since this is where most retail action happens, it is expect to at least double.

Among other whales, MSaylor has committed over $1bn of his personal and company funds to btc, tweets his buys as they occur, and makes no bones about the fact that his is a black hole, like many others appearing all over the place, some of which I mentioned earlier, though nobody knows how many well funded individuals and are gathering on the quiet. I won't even mention his estimate of the btc price in 10-15 years, if you really want to know you can find out, and doing so will lead you to other interesting facts that the mainstream ignores.

Do the math: If you want more gold you can go mine it, more oil pump it, more cars or iphones make them, more land build islands or higher, more btc, ain't going to happen; now turn to page 1 economics, look up supply and demand, add something for scarcity, portability, divisibility, then if you have the time look around at the fcuk that's happening around the world.

Some analysts predicting 80-100k by end of this year are sliding their estimates up or forward, while others predicting >100 by end of next year have moved toward those hovering around 300. Respected leaders are no longer shy to talk of $500k within 3 years; but of course we can't take this number seriously, today's 40k to 500k in 3 years is almost as ridiculous as $0.001 to $40k in 12 years.

Originally Posted by baldrick

and that is one of the biggest problems it faces and also what drives so much of the Fear Of Missing Out

most people seem to keep their crypto on the exchanges they purchased them on and really do not know anything about transferring it elsewhere and the risks involved

being your own bank is not as easy as people seem to think and it is easy to lose it all in the blink of an eye

that said , crypto currencies are the future of money and blockchains are the future of accountability and transparency , and the sooner you learn the better you will be at using it as it becomes more mainstream

it may be a bit cliched , but the internet was once the domain of nerds and scientists , but things do change fast

and like internet commercialisation over the years , 99% of crypto coins/tokens will die

Spot on, esp that bit about 99% walking dead, and hopefully shitecoin holders will see the light.

Originally Posted by baldrick

crypto currencies are the future of money

As long as a large portion of the worlds citizens do not have bank accounts, cash/visible "tokens" will remain the only option for them.

Originally Posted by baldrick

blockchains are the future of accountability and transparency

With national governments or private individuals oversight?

Originally Posted by Looper

Nassim Taleb

He does have quite a following.

Originally Posted by Looper

an investment strategy of keeping 95% of your money in the safest vehicle you can find

Which ones did he suggest?

Originally Posted by Looper

high risk/high gain speculative bets

Which ones did he suggest?

Originally Posted by forreachingme

around 400 now...

The OP, almost 5 years ago to the day.

400 to 40,000 in 5 years isn't a bad run, especially when many were shouting that it's dead and finished 2 years ago.

Originally Posted by Edmond

400 to 40,000 in 5 years isn't a bad run, especially when many were shouting that it's dead and finished 2 years ago

No worries when 60+ % was accrued in the last tree months?

Originally Posted by OhOh

the last tree months

It'll be trimmed back soon enough.


Branching out into alts is also good fun.

Originally Posted by OhOh

As long as a large portion of the worlds citizens do not have bank accounts,

you do not grasp this at all

Originally Posted by OhOh

Which ones did he suggest?

I seem to recall that he does not regard real estate as safe, when most people intuitively think of it as being at the safe end of the investment spectrum.

I think he keeps all his money in treasury bonds and uses a small fraction for speculative options in areas of investment subject to high volatility.

He’s convinced: World’s richest man Elon Musk wants to be paid in bitcoin

"If you ever want to buy something from Elon Musk, you now have another payment option as the world’s richest man has signalled that he would like to be paid in bitcoin in another boost to the soaring cryptocurrency.

Responding to a tweet by Ben Mezrich, the author behind the movie ‘The Social Network’, the founder of Tesla and SpaceX said he’s now on board with accepting payment in bitcoin.

“I’ll tell you one thing, I’m never turning down getting paid in bitcoin again,” Mezrich wrote, prompting Musk to reply: “Me neither.”

He’s convinced: World’s richest man Elon Musk wants to be paid in bitcoin — RT World News

Nice dip.

Hopefully will see 20k again.