patrick.net

G36 says

Gold will still play a small role in the future.

Gold will always be valuable. A tremendous amount of work and energy is required to mine and refine it into the shiny, non corroding, malleable, extremely conductive and non reactive metal that real gold is. All the work is preserved in the metal which has uncountable uses in industry and fashion. It has been money, real money, since time immemorial. Hold it, own it.

The pseudo gold, or digital "gold" called bitcoin is "mined" using tremendous amounts of work and energy. When done the "miner" earns some "coins" which get sold to pay for expenses. All the work used to "mine" these "coins" must constantly be redone in order to preserve the "anonymous" ledger that keeps track of "coin" ownership.

The price of the "coins" MUST go up as the bitcoin puzzles to be solved get harder and require more work and energy to earn less "coins". As long as new buyers keep on adding money to the system the "miners" can continue to run their "mines" and feed their families. Most of the money put into bitcoin is consumed to keep bitcoin running.

WHEN the plug is pulled the coins are gone.

WOW

"I joined in April this year, at that time our assets, institutional assets under custody were $6 billion, today we stand at over $20 billion, so more than a three time increase."
“We have had an explosion of activity,”

https://news.bitcoin.com/coinbase-20-billion-cryptocurrency-custody-institutional-investors/

There are only 21 million Bitcoins. There are 2 billion working people in the world. Final Bitcoin value = (average individual economic productivity) × (number of productive people) ÷ (21 million). A GROSS simplification, but the answers is in the tens of billions $ per coin. — John McAfee (@officialmcafee) November 30, 2017

bitcoin going to the moon
the currency of the future
buy now or be priced out forever
they're not making any more
$317,000 per coin next year
buy now at bargain price of $20,000
1600% profit if you get in now

Onvacation says

John McAfee

lol. The guy that created software to stop the things he created. The pumpers eat this stuff up though.

Onvacation says

There are only 21 million Bitcoins.

Agreed. Bitcoin could easily be at 500k a coin in the next few years. So many billionaires and hedge fund guys that want Bitcoins.

G36 says

Onvacation says

There are only 21 million Bitcoins.

Agreed. Bitcoin could easily be at 500k a coin in the next few years. So many billionaires and hedge fund guys that want Bitcoins.

What happens when they don't and sell off?

what happens when every stock holder sells all their stocks at the same time?
What happens if the corona virus turns everyone into zombies?

Why am I not surprised that the Bitcoin haters always asks those type of questions?

G36 says

what happens when every stock holder sells all their stocks at the same time?
What happens if the corona virus turns everyone into zombies?

Why am I not surprised that the Bitcoin haters always asks those type of questions?

I never made the claim that BTC was going to be $500k either.

You don't have to answer the question, but I know you know the answer.

The race is on to get the last available Bitcoins. Most Bitcoin holders dont sell.

Now, Ricardo Salinas Pliego, Mexico’s second-richest person, has said he’s put 10% of his liquid assets into bitcoin—arguing it protects from "government expropriation."
"Many people ask me if I have bitcoins," Salinas, who Forbes estimates has a fortune of around $12 billion through an empire sprawling retail, banking and broadcast businesses, said via Twitter in comments translated from Spanish. "Yes. I have 10% of my liquid portfolio invested it."

https://www.forbes.com/sites/billybambrough/2020/11/20/mexican-billionaire-reveals-government-fears-sparked-bitcoin-investment/?sh=427f3499258d

G36 says

The race is on to get the last available Bitcoins

Not available until 2040 2140

There arent enough Bitcoin for sale for each Millionaire to have only one Bitcoin. Price will continue to explode.

G36 says

There arent enough Bitcoin for sale for each Millionaire to have only one Bitcoin. Price will continue to explode.

They could always buy a couple https://patrick.net/post/1314087/2018-02-28-getrichquickcoins

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?

Onvacation says

They could always buy a couple https://patrick.net/post/1314087/2018-02-28-getrichquickcoins

As much as I like your idea, this kind of crap has been pulled off before. See OneCoin and BitConnect. While gold can not be duplicated, one can most certainly start zir own BitCrap, so 'scarcity" is not an issue there. Having said that, one can earn a lot of money if Ponzi scheme lasts long enough and if one is not too greedy. I remember that back in E. Europe volatile days of 1990, banks offered 90% interest - if you withdrew money before bank went bust, you actually did very well.

Bitcoin Price Crashed Back To $17,000: Here's Why It's Dropping
By Vincent Figueras
11/26/20 AT 8:20 PM

KEY POINTS
RSI has been in overbought territory since October
The government is reportedly about to announce new rules on wallets
OKex has resumed withdrawals
Bitcoin has experienced its largest pullback in the rally on Thursday, missing the chance to reach a new all-time high on the backdrop of strong institutional and retail demand.

Bitcoin opened Thursday at $18,719, tried to breach past $19,000, only to be met with strong resistance on its way up. Upon the strong rejection, Bitcoin slid down, going as low as $16,205 before closing at $17,170. It’s the largest pullback so far in this 2020 rally that saw Bitcoin went from $10,000 on Sept. 5 to a 2020 high of $19,172 on Nov. 24.


According to Matthew Dibb, CEO of Stack Funds, leverages have been unwinded in a move many have already expected. The funding rate in the futures market has risen sharply to 0.098%, which was a sure sign of overleveraging. When the price of Bitcoin dropped, the funding rate also went back to 0.011%. This is a sign that excess leverage has been weeded out, Coindesk reported.

On the technical side, the rally has appeared overextended for some time now. The RSI has been indicating that Bitcoin was already on overbought levels since Oct. 20. The price drop Thursday allowed RSI to go back to bullish territory again, allowing the current rally to breathe for some time before resuming again.

On the fundamental side, multiple factors may have affected trader sentiment, further amplified by the fact that Bitcoin was nearing its previous all-time high.

https://www.ibtimes.com/bitcoin-price-crashed-back-17000-heres-why-its-dropping-3089972

Isn't it cute the way coiners pretend they have real investments and not speculatives schemes?

Onvacation says

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?

Serious question. I think the answer is greater fool.

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today. You seemed so excited about an alleged dip that happened over Thanksgiving?
Well, you may still hope for another correction :)

https://www.wsj.com/articles/bitcoin-hits-all-time-high-of-19-786-topping-record-from-december-2017-11606750573

Hope dies last.

G36 says

You seemed so excited about an alleged dip that happened over Thanksgiving?

I think I said it in one of the 3-4 post going on this topic........ but it would get a bump after Thanksgiving as everyone talks with family and sits down and gets them to buy some right then and there. "Crypto is on fire, you should get in Uncle Jim and cousin Bobby." It will flame out like it did last time and crash. I'd be a seller right now, but I'm guessing a lot of people are holding from last time and will get screwed again thinking it's going to $300k. Good luck.

WookieMan says

G36 says

I'd be a seller right now

How can you be a seller now if you would have sold everything at 18k as you said 4 days ago? Do you even realize how ** you sound?

G36 says

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today

Bigger Fools.

Any answer for my question:Onvacation says

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?

Onvacation says

G36 says

Onvacation, I am really sorry for you that Bitcoin hit a new all time high today

Bigger Fools.

lol, yeah sure, people making money with the best performing asset are fools. I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing. Zilch. Again, wake me up when we're talking 6 figures.

G36 says

Bigger Fools.

lol, yeah sure, people making money with the best performing asset are fools. I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

That's what I'm talking about.

WookieMan says

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month. What a great feeling to be a fool!

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing. Zilch. Again, wake me up when we're talking 6 figures.

says the guy who owns zero bitcoin :) In which asset have you invested 28k and gained 10k in one month. I'll wait :)

G36 says

says the guy who owns zero bitcoin :) show me another asset where you invest 28k and gain 10k in one month. I'll wait :)

Buy a kilo of blow and sell it to hookers.

exactly. you cant show me one. Its all hate talk. not more.

G36 says

WookieMan says

G36 says

I bought almost 2 BTC at 14k ish. up over 10k in 1 month.

lol, $10k in a month. Enjoy it. Add a 0 to that I'll maybe start getting interested in Crypto. So many better ways to make money.

G36 says

Do you even realize how ** you sound?

Not sure your point when boasting about $10k in gains. Do you realize how you sound? Not sure if you're 23 or something, but a $10k gain is nothing.

So Wookie tells us making 10k on a 28k investment (in 1 month!) is nothing. At the same time he tells us after a quick correction in Bitcoin, he would have sold at 18k!!
Yeah, that makes sense, the guy who only cares about six figure gains tells us he would have sold at 18k. He sounds dumber and dumber with each post.

lol f.ing lol

G36 says

says the guy who owns zero bitcoin :) show me another asset where you invest 28k and gain 10k in one month. I'll wait :)

So you took my advice and sold then? Good decision. If not, you haven't made $10k in a month. You have unrealized gains that can evaporate overnight while you sleep.

But if you want to compare, NVIDIA is up ~120% this year. You also seem like a one trick pony, concerned about crypto only. I make $20k/mo sitting on my ass bud. Focusing on one market is too risky. But enjoy the roller coaster. I'm glad you sold though, so you banked that $10k for when it plummets and runs sideways for another 2-3 years.

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

G36 says

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

I would have sold, but I'm not one to invest in fake "currency" as you guys like to call it. Anyone still holding BTC right now "shooting for the moon" is in for trouble. I said there would be a holiday bump. I was right. Just because you don't like what I say, doesn't mean it's wrong. I've given you the benefit of the doubt multiple times, but you keep getting offended. I don't understand why if your investment is solid. Stop being so defensive of it.

WookieMan says

G36 says

yeah, sure, thats why you told us you would have sold everything at 18k. No matter how you spin it, your BS makes little sense. Once you can afford one Bitcoin we can start taking you seriously.

I would have sold

Why would you have sold? (you told us that after the correction, anyone can do that).
Why would you have sold if you only care about 6 figure gains, hot shot?

all talk, no action. Afford one BTC and you can start talking.

G36 says

Why would you have sold if you only care about 6 figure gains, hot shot?

Dude, you need to be careful. You clearly don't know what you're doing. I think you're assuming I'm talking about the price of BTC going to six figures. No. no. I'm talking about risking 6 figures on it and gaining 6 figures. You've gambled an average used car on it from what you've posted. Congrats. I hope that $10k gets you an average vacation to St. Lucia at their version of a Best Western. Should be a good time.

Still doesnt explain why you would have sold at 18k if you only care about 6 figures? You dont even own a fraction of one Bitcoin? You post daily on Bitcoin posts but cant afford even a fraction of one 1 BITCOIN but tell us you would have sold at 18k?

Your patronage of Bitcoin continues to feed bitcoin "miners" all over the world.

G36 says

You dont even own a fraction of one Bitcoin?

My FOMO got so bad I bought eleven satoshis.

When's the moonshot?

Currently crypto is valued in fiat. What will crypto be valued in when fiat fails?

Why do you coiners think it is the "currency of the future"?

Onvacation says

Currently crypto is valued in fiat. What will crypto be valued in when fiat fails?

History suggests that when a fiat currency fails, first is chaos and then foreign currency/specie comes into play, but foreign currencies have always been based on specie of some sort until the US dollar became fiat. I think it's either going to be specie (some commodity) or a STABLE foreign currency, so that would be the Renminbi. It won't be any currency based off from the US dollars or part of the old Breton Woods system.

So long as bitcoin is supported by people that still have liquid wealth, it may survive - but if it's all speculators it will collapse spectacularly - a Russian or Chinese seeing the price drop and chaos in the Western world may bail. Seems like the value of bitcoin would be dependent on those willing to purchase it in countries where the currency has not collapsed.

Bitcoin isn't usable as an actual currency, the transaction time takes far too long, and the transaction cost is enormous relative to the amount you're transferring if everybody is trying to do transactions. It seems to me that if the US dollar collapses, there will be a rush to sell for something that has liquidity which bitcoin really does not. Also, everybody with a collapsed currency will be moving into something tangible and liquid and since bitcoin really does fail to be very liquid due to the transaction time combined with the fee for a transaction, that bitcoin will ultimately be very harmed.

Initially people may attempt to trade assets for bitcoin, but later discover they cannot buy bread and toilet paper, and as a result abandon it. Once it proves itself to not be a store of value in an emergency, everybody may try to cash out, including those in nations with stable currencies.

Does my logic seem reasonable?

Onvacation says

Why do you coiners think it is the "currency of the future"?

I think it's because they've never actually tried to move a coin from one wallet to another so they don't know the transaction cost. If they did, they'd know what its transaction time is, and transaction cost was.

https://themoneymongers.com/bitcoin-transaction-fees/

The more people doing transactions means the higher the transaction fee. If you want to wait, say, a month, you can get a lower transaction fee.

Also miners collect transaction fees in terms of bitcoin themselves.

Full disclosure - I've always thought cryptocurrencies and "blockchains" were a scam. They don't scale - blockchain is a slow database.

richwicks says

Does my logic seem reasonable?

Yup, 100%. The responses won't be reasonable that you get from crypto guys though. You know nothing because you don't have any... so buy now and you'll become all knowledgable. That's basically where all these threads go, as 20 year olds sink all their net worth into it and get excited over gains that might pay for a vacation. Yet they don't realize when the power goes out their "currency" is 100% worthless.

It's kind of sad in all honesty. Chasing a get rich quick scheme. Not understanding terminology of anything, yet spouting off how it's gonna go to $300k. You ask why, and they say just because basically. Or you don't know because you don't have any. It's like having a working knowledge of plumbing but you're not a plumber. Just because I don't do it for a living or hold crypto, doesn't mean I cannot be well versed if not an expert on it.

Rinse and repeat. I already know the responses you're going to get. Enjoy.

Full disclosure, I was editing when you were writing, so maybe I changed my thinking. Kind of loopy right now.

WookieMan says

It's kind of sad in all honesty. Chasing a get rich quick scheme. Not understanding terminology of anything, yet spouting off how it's gonna go to $300k.

Maybe it WILL go to 300K - could go higher. Who knows?

I just don't think it's a safe haven, I think it's the exact opposite of one in fact. I don't see how it can be used as a currency because the more transactions that are made in a period of time, the more expensive it gets to do a transaction. This is the failure of a distributed blockchain.

A house isn't a safe haven either, everybody thinks it's one. What are you going to do when there's riots in your area? What if you're in the boonies and cannot get food? Farmers will do OK I think, but if things are really bad, they're not going to be getting any gasoline or fuel and it's not like farmers have oxes to pull plows today. I'll probably be working for a farmer trading specie for food to give them liquidity and in exchange I have a place to stay and some food to eat. Provided they don't blow my head off as I approach the farm..