Bitcoin Price Thread

[johnarb]

IEven our beloved

This is an inaccurate description

And yes, John has also begged everyone not to sell. The jury is still out on if this is a good move or not.

But most importantly, if you truly believe that bitcoin is taking on the monetary system, then the upside is monumental, and if you get in at 60k or 50k or 70k, it really won't matter much, as long as you don't sell.

I've been accused of pumping the Bitcoin price many times, one particular post that stuck to me was by Laissez Faire, during the middle of the bear market in Baron's journal...

It's my fault I lost so much money for everyone who listened to me, I'm paraphrasing...

I've been a perma-bull since the day I started posting on ET, $1k, $3k, $10k $20k, $8k, $5k...

But only the very top price I am responsible for telling everyone here to buy, $20k in 2017, $69k in 2021, $74k a couple of months ago

I remember schizo asking me what he would do with 10 bitcoins last year... it's a savings account, hold it for 5-7 years, it will be worth millions of $

He doesn't bring it up, because price was much lower then. schizo only brings up that price was $70k a month or so ago

Johnarb is only responsible for losing money because ET bought the highest Bitcoin price, in the next 2 years I will be blamed because people paid $300k per Bitcoin and the price is at $200k/btc only



[Edit: I should not forget orbit23 mocking me with screenshots that Rick Astley let everyone down because price was below $50k, heheh, he was very sure Bitcoin will never go above $50k again and I lost everyone so much money]

 

[orbit23]

I am sorry to burst your bubble but this looks like such a (macro) top. It's over. Pack your bags. Sell everything on these exit pumps.

We came for a decentralized digital revolution. But we find out it's all about number going up and meme coins.

The meme coins are showing us the reality of the situation.

The whole industry is a complete joke.

It's a poisonous combination of pump&dump, financial bubble and ponzi scheme.

Bitcoin is to gold what shitcoins are to Bitcoin. They are a scam and go to 0.

Watched the debate of Bitcoin vs Gold and the only thing the bitcoin bugs can come up with is "but the price is going up". there is no other sound reason. It has all the characteristics of a ponzi scheme, even though by definition it isn't. Tether is likely an unbacked ponzi scheme and is fuelling this rally to a large extent.

It's been exactly 2 years since the Luna and UST ponzi scheme crashed. Bitcoin and USDT might suffer the same fate soon. Again, it's not exactly the same so it might not drop 99% like Luna, but a 90% drop seems possible.

You've been warned. This is last post on the topic. You can enjoy the delusion while it still lasts. Eventually the reality will kick in.

 

[Frederick Foresight]

I think it's fair, no? US bonds are not even Triple-AAA rated anymore (and that's official, so don't even try to dispute this fact). And quite honestly, should be regarded as junk-bond status. Even if they are not, let's say they are BBB right now, the drunken sailors in charge are making sure it will get down to there.

There are blue-chip companies that have an AAA rating, so you are getting an even better coupon at even less risk than the US gov.

How cool is that?

Two questions. First, do you think the US will default on its debt, thereby substantially compromising its currency? And if not, then why bring it up?

And, second, you talk about ratings. How would you even begin to value or rate air coins? On what basis? And please don't respond with the customary refrain of "supply/demand" because, while that's all well and good, there's no underlying economic basis for the "supply/demand" apart from the crypto bros' feverish wet dreams of the glory to come. At least when it comes to valuing US currency or rating its debt, there is a bit more involved than unfettered whimsy.

 

[SunTrader]

I am sorry to burst your bubble but this looks like such a (macro) top. It's over. Pack your bags. Sell everything on these exit pumps..

You've been warned. This is last post on the topic. You can enjoy the delusion while it still lasts. Eventually the reality will kick in.

For the record.

 

[long]

Two questions. First, do you think the US will default on its debt, thereby substantially compromising its currency? And if not, then why bring it up?

And, second, you talk about ratings. How would you even begin to value or rate air coins? On what basis? And please don't respond with the customary refrain of "supply/demand" because, while that's all well and good, there's no underlying economic basis for the "supply/demand" apart from the crypto bros' feverish wet dreams of the glory to come. At least when it comes to valuing US currency or rating its debt, there is a bit more involved than unfettered whimsy.

The US won’t default, they will print more money. Purchasing power of the dollar will fall even lower and more people will start learning about the magic money system that can’t be diluted by the government. You can call BTC a Ponzi scheme but it’s a DECENTRALIZED Ponzi scheme at most. I don’t know what to think about that to be honest. Anyway, I’m a BTC bull for now.

 

[NoahA]

I've been a perma-bull since the day I started posting on ET, $1k, $3k, $10k $20k, $8k, $5k...

You have no idea how it pains me to have completely missed the crypto forum for so long. I spent years losing money trading futures, but I never ventured into here. Even for the last cycle, I was late by not even a year, having started to really learn in the fall of 2021. But the whole time, I couldn't believe the stock market could keep going up given how nothing was better, all fueled by cheap money. I was at the stage where I knew there was a problem, and had known for a decade, but I first assumed precious metals would do well, and completely discredited bitcoin.

I hate the phrase that you get bitcoin at the price you deserve, but its so true. Its crazy to think that not too long ago, I could have bought a hundred, and even more recently, even 10. And now, owning just 1 is a major achievement. I'm waiting for the day when I can tell all the fuckers here that you get bitcoin at the price you deserve, when its $500k, and they wish they could have bought at $60k!!!

 

[NoahA]

Two questions. First, do you think the US will default on its debt, thereby substantially compromising its currency? And if not, then why bring it up?

And, second, you talk about ratings. How would you even begin to value or rate air coins? On what basis? And please don't respond with the customary refrain of "supply/demand" because, while that's all well and good, there's no underlying economic basis for the "supply/demand" apart from the crypto bros' feverish wet dreams of the glory to come. At least when it comes to valuing US currency or rating its debt, there is a bit more involved than unfettered whimsy.

You know how on Friday afternoons the regulators come in and seize a bank? Up to that point, its months of the stock price dropping slowly, but business goes on as usual. The bank is still probably even liquid, but they just decide that today is the day, and the bank is closed.

We can see the purchasing power of USD looks exactly like the stock chart of a failing bank. We can see all the interventions by Yellen and Powell to keep things going. But you know what, one day, the rest of the world will gravitate towards something different. The US literally can't make any country buy US debt, and so the Fed will have to. When that happens, it will be like the regulators coming in and closing the bank.

Say what you want about bitcoin, but the trajectory is pretty clear. Deficits keep getting higher, debts continue to grow, foreign ownership of US debt keeps dropping, countries keep looking for ways to do business outside of USD. If you can't see the writing on the wall, you need to get your eyes checked. And if you think you will have time to do something about it when it happens, you also don't remember the countless examples in the past when things happen all of a sudden.

 

[Frederick Foresight]

I hate the phrase that you get bitcoin at the price you deserve, but its so true.

So now there are Bitcoin catch phrases, too? I'll wait for the t-shirt.

 

[Frederick Foresight]

And if you think you will have time to do something about it when it happens, you also don't remember the countless examples in the past when things happen all of a sudden.

I think you should keep this in mind, too.

 

[NoahA]

I think you should keep this in mind, too.

I will agree that Bitcoin can crash to zero very quickly. There might be some attack vector that proves successful, but to be honest, they have tried for years to bring it down, and so far, no luck.

But you also have to concede that the USD only has relevance because other countries are forced to use it. If this should happen to fade, it can get very ugly for USD.