So, either the person who bought the most expensive bitcoin just minimized their loss, or they doubled down.
Bitcoin on the path to irrelevance?
111,857 Views |
1822 Replies |
Last: 3 days ago by Yukon Cornelius
Let's let it ride….check back in 2030WestTexasAg said:Me too. What to do now?PA24 said:
Bitcoin is making a decent run, finally in the black for me.
nai06 said:
Until you can actually use it to purchase everyday goods, it will remain an investment product prone to wild swings. I haven't seen anything to make me believe it's trending towards common acceptance or stability which are necessary for it to function as an actual currency.
No thanks
Best to just get some, just in case. It's like betting against the aggies.
Aggies1322 said:LMCane said:frankly you don't know much about crypto based on what you typed above.nai06 said:
Until you can actually use it to purchase everyday goods, it will remain an investment product prone to wild swings. I haven't seen anything to make me believe it's trending towards common acceptance or stability which are necessary for it to function as an actual currency.
No thanks
they LITERALLY just opened new ETFs for Bitcoin in the last few months.
That is not indicative of its relevance. The problem with cryptos is they have no long term viability. They are a bubble, and they will burst - hurting many people financially.
Agreed "cryptos" are dumb and useless. Bitcoin is not a "crypto."
It's Bitcoin. Bitcoin is bitcoin.
Algorithmic Epiphany said:Aggies1322 said:LMCane said:frankly you don't know much about crypto based on what you typed above.nai06 said:
Until you can actually use it to purchase everyday goods, it will remain an investment product prone to wild swings. I haven't seen anything to make me believe it's trending towards common acceptance or stability which are necessary for it to function as an actual currency.
No thanks
they LITERALLY just opened new ETFs for Bitcoin in the last few months.
That is not indicative of its relevance. The problem with cryptos is they have no long term viability. They are a bubble, and they will burst - hurting many people financially.
Agreed "cryptos" are dumb and useless. Bitcoin is not a "crypto."
It's Bitcoin. Bitcoin is bitcoin.
Regardless.. the long term viability bitcoin is low as well. Once governments begin releasing their own digital currency, they will legislate out bitcoin.
When will bitcoin be worthless, in your opinion?
2008
Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
ABATTBQ11 said:Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
Yes, but when those countries/entities create their digital currencies - what do you think they will do with the ones they don't control? My guess is legislate them out. Then it will fully return to the black market currency it was founded as. With the retail investors out of it, it's unlikely to sustain its value.
Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
so these countries are going to all introduce CBDCs at the same time, and then they will work together to make sure all three are successful? that is what you think the plan is?
TexasRebel said:
2008
meanwhile here in reality, bitcoin is the 9th largest asset by market cap in the world
Aggies1322 said:ABATTBQ11 said:Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
Yes, but when those countries/entities create their digital currencies - what do you think they will do with the ones they don't control? My guess is legislate them out. Then it will fully return to the black market currency it was founded as. With the retail investors out of it, it's unlikely to sustain its value.
"Legislate them out"
I'm not sure they can, and if they really wanted to do that I think they would have already. There's nothing stopping them now.
Aggies1322 said:Algorithmic Epiphany said:Aggies1322 said:LMCane said:frankly you don't know much about crypto based on what you typed above.nai06 said:
Until you can actually use it to purchase everyday goods, it will remain an investment product prone to wild swings. I haven't seen anything to make me believe it's trending towards common acceptance or stability which are necessary for it to function as an actual currency.
No thanks
they LITERALLY just opened new ETFs for Bitcoin in the last few months.
That is not indicative of its relevance. The problem with cryptos is they have no long term viability. They are a bubble, and they will burst - hurting many people financially.
Agreed "cryptos" are dumb and useless. Bitcoin is not a "crypto."
It's Bitcoin. Bitcoin is bitcoin.
Regardless.. the long term viability bitcoin is low as well. Once governments begin releasing their own digital currency, they will legislate out bitcoin.
You got stuck in 2017's narrative. I'm sorry you're mired in it.
People who don't want to understand Bitcoin pic.twitter.com/nKtIrlKMnh
— Konsensus Network 📚 (@KonsensusN) February 28, 2024
Tick tock next block.
they haven't been able to "legislate it from existence" since the network turned 7 (ish) years old. Too widespread at that point.ABATTBQ11 said:Aggies1322 said:ABATTBQ11 said:Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
Yes, but when those countries/entities create their digital currencies - what do you think they will do with the ones they don't control? My guess is legislate them out. Then it will fully return to the black market currency it was founded as. With the retail investors out of it, it's unlikely to sustain its value.
"Legislate them out"
I'm not sure they can, and if they really wanted to do that I think they would have already. There's nothing stopping them now.
ABATTBQ11 said:Aggies1322 said:ABATTBQ11 said:Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
Yes, but when those countries/entities create their digital currencies - what do you think they will do with the ones they don't control? My guess is legislate them out. Then it will fully return to the black market currency it was founded as. With the retail investors out of it, it's unlikely to sustain its value.
"Legislate them out"
I'm not sure they can, and if they really wanted to do that I think they would have already. There's nothing stopping them now.
They haven't done it because there is no alternative in place yet. China has already banned it, India is looking at restricting it heavily. Why do you think places like the EU will hesitate in outlawing it, once they have a controllable alternative? These places aren't a bastion of freedom.
I'll never tell someone else what to do with their money, but I have serious doubts about the viability of cryptos that aren't govt controlled.
A. There are millions of alternatives to Bitcoin
B. China already has a CBDC. They have already effectively banned trading other cryptocurrencies.
C. Chinese investment in crypto has only grown in that time. People will put their money in assets that protect devaluation and freedom, regardless of government rules.
D. If we are all forced into CBDC, then that means we have a few steps away from a social credit system, and your assets are f'ed regardless if it's in crypto, stocks, bonds, etc.
Here is a pretty recent article about the situation.
https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/
B. China already has a CBDC. They have already effectively banned trading other cryptocurrencies.
C. Chinese investment in crypto has only grown in that time. People will put their money in assets that protect devaluation and freedom, regardless of government rules.
D. If we are all forced into CBDC, then that means we have a few steps away from a social credit system, and your assets are f'ed regardless if it's in crypto, stocks, bonds, etc.
Here is a pretty recent article about the situation.
https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/
Bitcoin is up over 155% since Jim Cramer told investors to sell 11 months ago, LEGEND pic.twitter.com/Vdv5fw7riS
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) February 28, 2024
This is epic! pic.twitter.com/QT1PpYm2sa
— Not Jerome Powell (@alifarhat79) February 28, 2024
#BTC pic.twitter.com/rrWyJkSTZY
— naiive (@naiivememe) February 28, 2024
#BTC pic.twitter.com/aJhRP0fHja
— naiive (@naiivememe) February 29, 2024
BTC is almost 60% of the entire crypto market with a market cap over 1.2 trillion dollars. These ETFs to a certain extent just bought a majority of politicians who aren't going to willingly act against where they now have retirement allocations. We have entered the two big to fail stage.Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Aggies1322 said:ABATTBQ11 said:Aggies1322 said:Definitely Not A Cop said:
When will bitcoin be worthless, in your opinion?
Not worthless.. just worth significantly less. Your guess is as good as mine. When do you think the US, China, and EU role out digital currencies? Approximately 3 months after that.
Bitcoin isn't valuable because it's digital. It's valuable because those countries can't control it.
Yes, but when those countries/entities create their digital currencies - what do you think they will do with the ones they don't control? My guess is legislate them out. Then it will fully return to the black market currency it was founded as. With the retail investors out of it, it's unlikely to sustain its value.
It's clear from your posts that you do not have much expertise in blockchain or cryptocurrency.
China three times has outlawed crypto.
I'm not some crazy BTC fanboy as I have only 1 BTC but to claim that Bitcoin is going to be relegated to the black market is just ignorant.
Zergling Rush said:Bitcoin is up over 155% since Jim Cramer told investors to sell 11 months ago, LEGEND pic.twitter.com/Vdv5fw7riS
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) February 28, 2024This is epic! pic.twitter.com/QT1PpYm2sa
— Not Jerome Powell (@alifarhat79) February 28, 2024#BTC pic.twitter.com/rrWyJkSTZY
— naiive (@naiivememe) February 28, 2024#BTC pic.twitter.com/aJhRP0fHja
— naiive (@naiivememe) February 29, 2024
Someone needs to do these with Vicki Vallencourt.
Bitcoin aside, it's comical that Jim Cramer still has a job given how often his predictions are wrong.
ac04 said:TexasRebel said:
2008
meanwhile here in reality, bitcoin is the 9th largest asset by market cap in the world
I only see 9 things on that list.
Meta is further down than I thought it'd be.
There's a telegram group started by some Aggies for all things crypto few years ago to have more meaningful conversations without the iTs GoInG tO ZeRo crowd if you're interested
is it still a thing? The previous one I was in I think disbanded. Interested again if it's still going.
I still member OP and the second post. Loooolz.
Tulip bulbs
Tulip bulbs
got curious and checked the chart, its even worse than i imagined. bitcoin up ~370% in 15 months since OP. damn near called the exact bottom. nice work fellas.
14th largest currency in the world?
Damn
We're coming for Switzerland next
"It's not a currency"
Damn
We're coming for Switzerland next
NEW: #Bitcoin just passed the Russian ruble and is now the 14th largest currency in the world 🔥 pic.twitter.com/wlFxsTXg37
— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024
— Jameson Lopp (@lopp) February 29, 2024
"It's not a currency"
JUST IN: Bloomberg Intelligence's Mike McGlone says "#Bitcoin is designed to go up, but now it is becoming an alternative currency on a global basis." pic.twitter.com/mkRWGHf5Zy
— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024
If it's a currency, surely I can use it to buy groceries from my local supermarket right? I can use it anywhere I use cash right?
No matter how much you want it to be a valid currency, it's not. It lacks stability and acceptability which are pretty important when it comes to deciding if something is a currency.
No matter how much you want it to be a valid currency, it's not. It lacks stability and acceptability which are pretty important when it comes to deciding if something is a currency.
nai06 said:
If it's a currency, surely I can use it to buy groceries from my local supermarket right? I can use it anywhere I use cash right?
No matter how much you want it to be a valid currency, it's not. It lacks stability and acceptability which are pretty important when it comes to deciding if something is a currency.
Does your market accept cigarettes or shells or Rai stones as currency? Does that change the fact they've all been used or are used as currency? Africans can use bitcoin at their stores, El Salvador everywhere.
The level of effort to "turn on" accepting bitcoin is a few lines of code on your POS. Takes seconds to onboard, once you've figured out your corporate tax/treasury strategy which was only recently laid out here in MURICA and the US government is definitely dragging feet to give clarity in taxing purposes, to the detriment of Americans like you. https://www.irs.gov/newsroom/treasury-and-irs-announce-that-businesses-do-not-have-to-report-certain-transactions-involving-digital-assets-until-regulations-are-issued
To see known bitcoin treasuries https://bitcointreasuries.net/
Now. Tomorrow you walk into whichever grocery chain and they got a little button you can click that says Bitcoin on the CC terminal, do you breakdown in tears and scream "it's not a currency!!" Over and over until police escort you out? Do you think you'll have made a difference then?
It's more like a commodity than a currency.
It's more expensive and less convenient to transfer Bitcoin than dollars. It's not a great currency. The blockchain network couldn't handle the volume of the USD.
I think it's just a FOMO commodity.
Fear coin. Fear of missing out. Fear of government backed currencies. Fear of USD inflation. Those 3 reasons are probably what drive over 99% of Bitcoin holders.
It's more expensive and less convenient to transfer Bitcoin than dollars. It's not a great currency. The blockchain network couldn't handle the volume of the USD.
I think it's just a FOMO commodity.
Fear coin. Fear of missing out. Fear of government backed currencies. Fear of USD inflation. Those 3 reasons are probably what drive over 99% of Bitcoin holders.
Nvm.
Algorithmic Epiphany said:nai06 said:
If it's a currency, surely I can use it to buy groceries from my local supermarket right? I can use it anywhere I use cash right?
No matter how much you want it to be a valid currency, it's not. It lacks stability and acceptability which are pretty important when it comes to deciding if something is a currency.
Does your market accept cigarettes or shells or Rai stones as currency? Does that change the fact they've all been used or are used as currency? Africans can use bitcoin at their stores, El Salvador everywhere.
The level of effort to "turn on" accepting bitcoin is a few lines of code on your POS. Takes seconds to onboard, once you've figured out your corporate tax/treasury strategy which was only recently laid out here in MURICA and the US government is definitely dragging feet to give clarity in taxing purposes, to the detriment of Americans like you. https://www.irs.gov/newsroom/treasury-and-irs-announce-that-businesses-do-not-have-to-report-certain-transactions-involving-digital-assets-until-regulations-are-issued
To see known bitcoin treasuries https://bitcointreasuries.net/
Now. Tomorrow you walk into whichever grocery chain and they got a little button you can click that says Bitcoin on the CC terminal, do you breakdown in tears and scream "it's not a currency!!" Over and over until police escort you out? Do you think you'll have made a difference then?
So you just confirmed it lacks widespread acceptability making it, not a currency. You also conveniently let out it's issue of stability.
Then there's the issue that it becomes completely useless if the power goes out.
Quote:
[It was my own] Arrogance and hubris that turned me off from bitcoin to begin with. -quoththeraven
https://quoththeraven.substack.com/p/let-bitcoin-cook?r=1vnmsc&utm_medium=ios&triedRedirect=true
That's what 99% of you all say when you finally let go of the stick you jammed up your own ass so you could earn more fiat ****bucks.
Pull the stick out man. You're enjoying it too much and it's making you derpy and unrespectable.
The world is changing. It's entering the digital age. Maybe you can't see it but your children or grandchildren will adopt digital world 100%.
For example: title companies. It's old outdated "tech" to have local title companies keep title records. In the future property titles will be secured on bitcoin network.
The next decade will be known as the bitcoin Gold rush. And you're sitting here at its start, 5 weeks in, spending your time trying to say why it's not worth anything.
My man get over your ego. This is the future. Your grandchildren will thank you.
For example: title companies. It's old outdated "tech" to have local title companies keep title records. In the future property titles will be secured on bitcoin network.
The next decade will be known as the bitcoin Gold rush. And you're sitting here at its start, 5 weeks in, spending your time trying to say why it's not worth anything.
My man get over your ego. This is the future. Your grandchildren will thank you.