patrick.net

Bitcoin in my opinion has peak due to the facts the war in Ukraine didn't create a new high nor did Coinbase's Super Bowl ad on the most watch televised event in the world. Unless you can find someone who wants to pay more for your bitcoin, don't. We are out of people who want to pay more for your bitcoin...we are out of people who want to pay for it I believe. There is no larger market for bitcoin or any crypto unless a country is formed. Bitcoin's floor is pretty steep IMHO, the masses love it but I don't know where it stops. Maybe $15k, maybe $10 or maybe $5k.

So, I'm not buying bitcoin. Will you?

@Patrick
True, but gold has a damn long history of being consistently valuable.
Real estate, some stocks, bonds and various services have a longer history of being more valuable in the long run, rather than consistently valuable.

This is what playing chicken in a market with leverage at 100% looks like. TILT!!!
No worries once the blood letting is done which is certainly not, although it won't be
BTC I'll will be prying the best of the utility tokens out of bony fingers of the dead never
to return want-a-be crypto players!!! I'll disclose when I am buying back in again probably
in the BTC12,000 +/-... USD is still the top of the fiats even though it's the white spot found
on top of chicken shit it is still top dog. Not much of anything is going to bottom until the USD flips
not crypto, equities, oil or even gold until then... Watching epic crashes although can be enjoyable
on 1 side reality is lots of regular people your friends and family are getting crushed in all markets
and it's by far only going to get worse anyone thinking any of this goes back where it was has a bad
case of normalcy bias, good luck just the same.

Well, we are at at $17,962.70 per a bitcoin. Financial markets are closed on Tuesday.

I'm thinking of selling NVDA and AMD giving how close they are tied to crypto mining.

AmericanKulak says

HODL HODL HODL!!! Storehouse of value! Collapsing in the face of mass inflation is just a blip on the radar screen!

Tis only a flesh wound!

1337irr says

Buffett calls gold an “unproductive” asset

You are correct, and Buffet is correct. But notice, Buffet did not say "don't buy any gold". He said gold is a non-productive asset. He is saying he can find better assets than gold to generate a return. Buffet ALSO doesn't have to worry about liquidity. He literally owns food plants. If he needs food, he doesn't need to liquify assets to buy food. He can literally go down to his food plant or farmland and get some food. Also he's 90+, and the whole thing isn't going to explode before he dies.

For those of us with LESS than a billion dollars and our own food plants, and a life expectancy longer than 10 years, having a small % of our assets in non-productive, but STABLE and liquid asset is simply an insurance policy. Also, note that gold/silver MINERS are productive assets.

But you should take Buffet's advice to heart. Don't load up on gold or silver with 25+% of your portfolio. But don't buy a lot of speculative assets. Buy a few solid earners at a good price that are expected to be around for a good 50 or 100 years. Let them pay you good dividends.

Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace - so government can not seize money…

That’s why they hate bitcoin and that’s why it has risen I value so much.

richwicks says

People think that "Well, just buy it on a commodity exchange and take delivery, that's what COMEX is for!" - no it's not. Unless you're a billionaire, you cannot delivery from COMEX and even then, I doubt it.

exactly. remember when oil futures went negative in 2020? that was because all the corporations who were allowed to take delivery were "full". the system breaks down exactly when we need it the most, and some asshole made a fortune.

https://finance.yahoo.com/news/crypto-investors-scramble-173004105.html

Robber Baron Elite Scum says

without any trace

LOL

Robber Baron Elite Scum says

Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace

It's a myth that bitcoin can't be traced.

It's a database that keeps every transaction ever made with the token available. That's why it's so fucking agonizingly slow and why it's basically an unworkable currency.

The IDEA is you just have an anonymous wallet, and if you just use the wallet, it can't be traced, UNTIL you try to turn it into cash. Use your wallet to ONCE turn it into cash, you're traceable, and if you move it to another wallet, people looking at the blockchain and see meta data, and notice you only send bitcoin to that wallet cash out.

Dont know if anyone posted this but:

it’s now becoming increasingly evident that Bitcoin may be a creation of the NSA and was rolled out as a “normalization” experiment to get the public familiar with digital currency. Once this is established, the world’s fiat currencies will be obliterated in an engineered debt collapse (see below for the sequence of events), then replaced with a government approved cryptocurrency with tracking of all transactions and digital wallets by the world’s western governments.

Then there’s this 1997 NSA Document: How To Make A Mint The Cryptography Of Anonymous Electronic Cash

https://web.archive.org/web/20210818185225/https://twitter.com/RudyHavenstein/status/941542996457041920

Food of thought for bitcoin enthusiasts. It is just for efficient tracking of what you do.

Insert here obligatory picture about decentraluzed fungable and private bitcoin

Cash is King.

Please get into the habit of using cash, at least for small purchases, folks.

Bitcoin peaked at $19,650 back in December 2017, then it crashed.

It is now at $19,231.

If it drops 10% below $19,650 then there is a lot of downside potential for it to drop another 20%.

.

ad says

It is now at $19,231

Back over $20k.
HODLER's be buying the dip.

Onvacation says

Back over $20k.
HODLER's be buying the dip.

Some are probably but its a bull trap imo big money (miners) spending a little money to draw the sucker crowd in to sell to.... Not enough blood in the streets for me to be buying much of anything on the other side of the $USD: crypto, equities or metals not even to $-cost average.

142,000 Bitcoin Could Be Dumped As Creditors Eye Mt. Gox Repayment
The Mt. Gox rehabilitation trustee asked creditors to choose between bitcoin, cash or Bitcoin Cash to receive repayment, risking pressuring the market further.

https://www.nasdaq.com/articles/142000-bitcoin-could-be-dumped-as-creditors-eye-mt.-gox-repayment

AmericanKulak says

Cash is King.

Please get into the habit of using cash, at least for small purchases, folks.

So "small business" folks can do what us, paycheck-earning stiffs, can't - avoid taxes? If I pey cash I expect a discount so tax savings are shared with me.

Voyager went belly up. When they went online earlier this year they were giving out $100 to anyone who would open an account and deposit $100. Doubled my $100 "investmnet" and GTFO the very next day.

RWSGFY says

So "small business" folks can do what us, paycheck-earning stiffs, can't - avoid taxes? If I pey cash I expect a discount so tax savings are shared with me.

Give small business a break. If the government needs more money they can print it.

richwicks says

ONCE turn it into cash, you're traceable

A late friend of mine told me that serial numbers of banknotes including US federal reserve notes are routinely scanned. He said they're scanned when we withdraw from an ATM, and they're scanned when we make a cash deposit at an ATM.

I have noticed in recent years that when I withdraw a lot of bills at a teller, those are "counted" by one of those fast counting machines before the teller gives them to me. I have also seen them use the counting machine to verify the amount of cash I deposited.

Yeah, he said, the counting is a cover story. Maybe the tellers don't even know themselves, the real purpose for using those machines is to scan the serial numbers.

But he tended to see conspiracies in all sorts of stuff.

B.A.C.A.H. says

real purpose for using those machines is to scan the serial numbers.

Interesting. I suppose one could test this by blotting out one of the digits in the serial number with a permanent marker, then see if it goes through.

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.

Onvacation says

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.

Nice drop. I think it has one more run and is done after that. We're talking a 4-8 year timeline. It will go back up. At some point people will be sick of being burned by a spreadsheet with no tangible value. Although most humans are morons, so I could be wrong.

Onvacation says

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.

Hey @Bitcoin - you still alive?

Hope you got out at the top, and who knows - even if you didn't, it might recover. But I'm telling you, it's a scam. It's not workable as a currency and never will be, transaction times are way too slow and beyond that, it's far too volatile as a currency. The volatility would be fine if you could get in an out in seconds, and not hours or days.

Up $1,200 today. Traders can make money on Bitcoin if they can time the market correctly. Manipulators can make money, because that's what they do.

If you don't know who the fool is, it's probably you.

https://finance.yahoo.com/m/b260033a-5cee-3df6-8606-34e47a19ec64/%E2%80%98i-just-wake-up-and-cry%E2%80%99-.html

Voyager and Celsius bankruptcies have destroyed some crypto investors’ confidence in centralized platforms

Bitcoin trades about 9-10% of its total value every day.

No shit it is manipulated.

Thanks for the link @stfu

unless there would be worldwide government collapses and the end of commercial banking with their respective protectorates, central banks, there is little reason for cryptocurrencies, except for illegal activities.

Any worldwide collapse where Bitcoin prevails must be predicated upon electricity still being generated and firms that provide the Internet still running. That seems unlikely, except, perhaps for Elon Musk's Starlink. Individuals still would need to generate their own electricity to power their own computing equipment and Musk's Starlink would still need to generate electricity to power data centers that operate the Starlink system.

https://truedollarjournal.blogspot.com/2022/06/bitcoin-in-2022-is-massive-failure.html

Onvacation says

there is little reason for cryptocurrencies

For the most part I agree considering there are 20k+ cryptos and for 99.99% will likely go down in flames
due to no real use case and not because "they are used for illegal activities" which is a statement out of ignorance, not facts.
Lots and lots of crypto are marketed on future promises of utility of some sort however the very large majority will never amount
to anything and disappear.

The other <1% already have use case and are being tested, used and developed by the worlds governments and the largest of institutions
and besides a couple of small countries declaring BTC a currency for their countries I don't believe BTC or ETH are going to make the
cut as reserve currencies however the technology in the digital crypto space will be a much larger player across the world as time goes on,
particularly due to the worlds governments war on fiat and it won't take 20000+ crypto to get that job done.

Cash says

"they are used for illegal activities" which is a statement out of ignorance, not facts.

Without bitcoin, ransomware would be impossible.

Crypto vs Fiat: Is One Or The Other More Of A Haven For Illicit Finance?
https://regtechconsulting.net/crypto-blockchain/crypto-vs-fiat-is-one-or-the-other-more-of-a-haven-for-illicit-financing/

The total amount of illicit fiat activity dwarfs that of the total amount of illicit crypto activity: trillions of dollars versus billions of dollars. But the relative amount of illicit fiat activity is miniscule compared to the relative amount of illicit crypto activity: for every one million dollars of crypto-related activity, $3,400 is “illicit”, but for every one million dollars of fiat-related activity, only 80 cents is illicit.

Are ransomware and cryptocurrencies intrinsically linked?
https://techmonitor.ai/technology/cybersecurity/ransomware-and-cryptocurrencies

Without the existence of cryptocurrencies, ransomware would still be a big problem, says Nick Biasini, head of outreach at Cisco Talos. “If you go way back and start at the beginning of ransomware before it became the pervasive issue that it is today, it was actually not based on cryptocurrencies. The payment system was designed around gift cards or various other types of payment cards that you could operate.”

richwicks says

The volatility would be fine if you could get in an out in seconds, and not hours or days.

Holy cow, it takes days to complete a transaction with bitcoin?

WineHorror1 says

richwicks says

The volatility would be fine if you could get in an out in seconds, and not hours or days.

Holy cow, it takes days to complete a transaction with bitcoin?

Yes. It works as a distributed database, to confirm the transaction you have to access 1000's of computers, and that takes time AND energy plus you're in a queue.

People who promote bitcoin haven't bothered to even check to see if it's viable. It's not viable, at least yet.

This problem has existed for years, and it's always "soon to be addressed, there's going to be a fix", but there never will be.

Bitcoin is too volatile, and slow, to actually ever be useful as a currency. It's an obvious tulip.

Jesus Christ.

This really is the bitcorn MISINFORMATION thread.

Cash says

"they are used for illegal activities" which is a statement out of ignorance, not facts.

Really?

HeadSet says

Without bitcoin, ransomware would be impossible.

If there's a will there's a way.

Cash says

Crypto vs Fiat

One is fiat, the other is measured with fiat.