Bitcoin is dead...

[HolyGrailSeeker]

1. Nope. If bitcoin disappeared tomorrow (let's assume holders would get a cash value) nobody would blink an eye because there are 2999 other cryptos to take its place. And by the way assuming you believe in capitalism, shouldn't the best product get to be the most popular and most used eventually? And that ain't bitcoin... After 10 years they couldn't even release a non-beta version yet...

2. OK now you are dreaming.The bigger the price the more money it needs to feed the miners constant selling of new coins. It works like a ponzi really, it needs constant (and bigger and bigger) money inflow to keep it from collapsing. But the point here is really that it is an investment vehicle for you and not a currency.

3. So is Litcoin and another 2 dozen coins. That doesn't mean that those coins are the best for the CURRENCY role, you know, the major reason why they were invented in the first place.

So let's go back to my original argument, and name in the history of mankind ANY product that kept its value or increased it, in the long run while it was easy to make and easy to replace. No such a product has existed yet, and bitcoin won't be the first.

But hey, maybe Manero.

In a way Bitcoin is like Tesla stocks, the valuation goes against any logic, but eventually gravity will win.

There are specific uses for specific coins. But you could be right in a way that bitcoin will lose more of its market share, but its overall market cap will grow much larger. Total cryptocurrency market is tiny right now, it is projected to reach in the trillions years to come.

As to whether bitcoin will fall to some low price, how much do you define as "low" and what timeframe do you see it happening since you are so sure of it?

 

[Pekelo]

As to whether bitcoin will fall to some low price, how much do you define as "low" and what timeframe do you see it happening since you are so sure of it?

Hard to say. I don't think any crypto should have 4 digits valuation. But when countries like Greece or Venezuela get into trouble and the citizens need a currency of safety, bitcoin can rally on legit usage/demand. In 2017 it rallied on mania and on the possible tether fraud.

Also I haven't mentioned yet, but those missing Satoshi coins if they ever start to move, they will cause a huge drop. Other cryptos don't have this specific danger.

 

[HolyGrailSeeker]

Hard to say. I don't think any crypto should have 4 digits valuation. But when countries like Greece or Venezuela get into trouble and the citizens need a currency of safety, bitcoin can rally on legit usage/demand. In 2017 it rallied on mania and on the possible tether fraud.

Also I haven't mentioned yet, but those missing Satoshi coins if they ever start to move, they will cause a huge drop. Other cryptos don't have this specific danger.

You said no other easily replaceable asset(Bitcoin included according to you) has stayed up price for a long time, but when asked to give a timeframe when it will reach a low price of less than 1k (low price according to you too) you are unable to say for sure.

In my opinion, it is extremely unlikely it will reach sub 1k. This is due to the fact, every bitcoin's bubble its low is still higher than the previous bubble's high and it has stayed true even in this crash. Previous previous bubble high was around 1.4k. You will see extreme support the closer you get to this number.

 

[HolyGrailSeeker]

@Pekelo

Talk is cheap. Anyone can say anything if there is no repercussions, but when money is involved they aren't so sure of their convictions.

I am going to put my money where my mouth is and im willing to bet with you $1k USD that bitcoin would reach 20k USD first before 1k USD. You up for it? Bitcoin right now is closer to 1k than 20k. We can set up a third party to escrow the money.

 

[Pekelo]

You said no other easily replaceable asset(Bitcoin included according to you) has stayed up price for a long time, but when asked to give a timeframe when it will reach a low price of less than 1k (low price according to you too) you are unable to say for sure.

So what? There is no contradiction there. It is like I was blasting you for not being able to predict the next market meltdown. We both know there is going to be one (and more) but timing it is the key.

Look it up, I correctly predicted bitcoin's meltdown when it was around 19K, but that doesn't mean I can do it everytime. When you come up with a valid argument against my original point and why bitcoin should be the king out of the 3000 other cryptos then I will debate you.
(hint:there is no such argument)

And don't forget, a crypto/stock can stay irrational longer than your trading account can bear it. That is why I sell verticals on Tesla instead of outright shorting it. That way time works for me, I don't have to try to time the next Musk tweet.

Anyhow, I think our conversation reached its conclusion, you have learnt a lot about bitcoin not being unique in any way, or unimited (forks!) and the rest of the baloney you guys keep repeating.

Special note: One can be a crypto fan without being a cultist follower of one particular ponzi. Cryptos are supposed to be currencies and not get rich quick schemes.

 

[HolyGrailSeeker]

So what? There is no contradiction there. It is like I was blasting you for not being able to predict the next market meltdown. We both know there is going to be one (and more) but timing it is the key.

Look it up, I correctly predicted bitcoin's meltdown when it was around 19K, but that doesn't mean I can do it everytime. When you come up with a valid argument against my original point and why bitcoin should be the king out of the 3000 other cryptos then I will debate you.
(hint:there is no such argument)

And don't forget, a crypto/stock can stay irrational longer than your trading account can bear it. That is why I sell verticals on Tesla instead of outright shorting it. That way time works for me, I don't have to try to time the next Musk tweet.

Anyhow, I think our conversation reached its conclusion, you have learnt a lot about bitcoin not being unique in any way, or unimited (forks!) and the rest of the baloney you guys keep repeating.

Special note: One can be a crypto fan without being a cultist follower of one particular ponzi. Cryptos are supposed to be currencies and not get rich quick schemes.

Initially, you said no replaceable assets including bitcoin has remained at a high price for long in all of history. Zero zilch nada, not even a single one.Then when asked to define a low price, you said 3 digits.

This statement would imply that with 100% certainty bitcoin would fall sub 1k. I am feeling charitable in giving you $1k with what would have been the surest winning bet in the world.

As to the concept of timeframe, when asked how long is "long", you refuse to give a straight answer and said markets can stay irrational for long which is really just beating around the bush. This is not accepted as it contradicts with your original statement and would dissolve you from any liability of your statement. It can be decades later with bitcoin at 1 million and you can still maintain you are right.

So in a way, you can never be wrong. If the price doesn't suit your agenda you can always use that trump card of irrational markets, and if it falls you will say "See I told you so, no replaceable assets has maintained high price for long".

 

[Trader Curt]

Meanwhile in Korea....

https://cointelegraph.com/news/sams...-crypto-partners-bitcoin-and-ethereum-support

 

[sle]

I am going to put my money where my mouth is and im willing to bet with you $1k USD that bitcoin would reach 20k USD first before 1k USD. You up for it? Bitcoin right now is closer to 1k than 20k. We can set up a third party to escrow the money.

To be specific, it's - a 1-touch at 20k that knocks-out at 1k and gives me a rebate, right? You are offering even odds? I'll take it! Wanna do bigger size? how about a million? where are we observing, GDAX?

To be fair, I am fairly bullish bitcoin and crypto overall, but I would not stake my career on it as some people did.

 

[TheBigShort]

@Pekelo

Talk is cheap. Anyone can say anything if there is no repercussions, but when money is involved they aren't so sure of their convictions.

I am going to put my money where my mouth is and im willing to bet with you $1k USD that bitcoin would reach 20k USD first before 1k USD. You up for it? Bitcoin right now is closer to 1k than 20k. We can set up a third party to escrow the money.

I'll take you on your wager and would actually prefer to increase the size a bit. Not as much as @sle is wagering tho. 10k? PM me and we can set @Baron as the escrow. (Assuming even odds)

Edit. I will also be happy to do the 1k if thats as high as your willing to go.

 

[johnarb]

I'll take you on your wager and would actually prefer to increase the size a bit. Not as much as @sle is wagering tho. 10k? PM me and we can set @Baron as the escrow. (Assuming even odds)

Edit. I will also be happy to do the 1k if thats as high as your willing to go.

It is not a fair wager. You can buy $300 worth of bitcoin right now and make money whether you lose or win the bet.