Bitcoin Price Thread

Sprout · Jul 4, 2019

Interesting article comparing BTC, dollar and FB libra in terms of systemic stability vs price stability.

The world’s largest computer kinda,..

https://www.forbes.com/sites/caitli...=2437148599&utm_campaign=sprinklrForbesCrypto

HolyGrailSeeker · Jul 5, 2019

Illini Trader said:
And when the 22 Trillion Real Dollar Debt that it has already printed expands exponentially then it is wise to own at least some Bitcoin as protection. Johnarb has done an excellent job of explaining this over the last 12 months but when people hold a belief (or non-belief) closely there is no changing it even thought they verbally express "open mindedness"

It continually amazes me how so many smart ETers do not see the wisdom of packing in a couple BTC and holding them. Forget trading them. Forget the volatility. Just hang and think of it as digital gold but more easily stored, more divisible, and more easily transferable.

The Ponzi people do not even understand what a Ponzi is as BTC is just the opposite. A lot of people chasing a limited supply and please no more of this anyone can start their own cyber currency garbage as that is what they create --- Garbage ---. Bitcoin has world wide acceptance and it will stay that way.

Very well said.

The creating infinite cryptocurrency argument is nonsense. If creating more cryptos can make bitcoin worthless than why is bitcoin having like 60% of the crypto market share when there are like more than 2000 cryptocurrencies out there?

By their logic, if what they say is true, than bitcoin should be worth 1/2000 of the market cap.

RedDuke · Jul 6, 2019

Gents And Ladies, non of us know what the future will bring. You could very well be right and I am wrong. Time will tell.

But I can not bring myself to invest into something that can be purchased with made up shit like USDT. If Bitcoin could be purchased only with real cash, would absolutely buy few of them just in case. But when anyone can come up with shit like USDT and claim it is backed 1 to 1 with USD, then say it is backed with some loans and now who knows, and still be able to use it to prop up the price. No way I will touch it.

Overnight · Jul 6, 2019

Illini Trader said:
...Bitcoin has world wide acceptance and it will stay that way.

I have yet to see bitcoin signs on any of the retail locations I frequent. I must live in a Podunk town here in the Boston area.

Here's a test. Convert ALL your USD...Everything, all assets and cash, into bitcoin, and try to live your life normally.

I don't think you'll be able to. For example, can you pay your utility bills with bitcoin?

Sprout · Jul 6, 2019

Overnight said:
I have yet to see bitcoin signs on any of the retail locations I frequent. I must live in a Podunk town here in the Boston area.

Here's a test. Convert ALL your USD...Everything, all assets and cash, into bitcoin, and try to live your life normally.

I don't think you'll be able to. For example, can you pay your utility bills with bitcoin?

There’s a growing class of folks whom are doing just that. Here is but one example:

https://www.vice.com/en_us/article/...family-who-sold-their-belongings-for-bitcoins

Overnight · Jul 6, 2019

Sprout said:
There’s a growing class of folks whom are doing just that. Here is but one example:

https://www.vice.com/en_us/article/...family-who-sold-their-belongings-for-bitcoins

Well, the article was published in Nov 2017 and it neglects to mention at what price he went in at. If he didn't sell in December, I hope he was able to stomach the swing from then until now. But at least he is in profit currently.

And he's basically invested in bitcoin and doesn't transact with it much.

"...But you can hardly pay for anything with cryptocurrency. And products such as special debit cards that could change that are still in their infancy. What do you guys do when you want to go to the bakery in the morning?
We pay with cash. Until now we've been paying for most things in Euros. We rented a garage, where we keep things that we own. Every day we try to sell something from there, sometimes for Euros, sometimes for Bitcoins..."

So no, he is not 100% bitcoin. He still needs fiat.

HolyGrailSeeker · Jul 6, 2019

Overnight said:
I have yet to see bitcoin signs on any of the retail locations I frequent. I must live in a Podunk town here in the Boston area.

Here's a test. Convert ALL your USD...Everything, all assets and cash, into bitcoin, and try to live your life normally.

I don't think you'll be able to. For example, can you pay your utility bills with bitcoin?

Technology is still relatively new. Its like saying can you completely just buy everything from the internet in the early 90s (Which you probably cant), but you can buy everything exclusively from the internet nw if you choose to.

Sprout · Jul 6, 2019

Overnight said:
Well, the article was published in Nov 2017 and it neglects to mention at what price he went in at. If he didn't sell in December, I hope he was able to stomach the swing from then until now. But at least he is in profit currently.

And he's basically invested in bitcoin and doesn't transact with it much.

"...But you can hardly pay for anything with cryptocurrency. And products such as special debit cards that could change that are still in their infancy. What do you guys do when you want to go to the bakery in the morning?
We pay with cash. Until now we've been paying for most things in Euros. We rented a garage, where we keep things that we own. Every day we try to sell something from there, sometimes for Euros, sometimes for Bitcoins..."

So no, he is not 100% bitcoin. He still needs fiat.

Yes, the article is dated yet there is an emerging class/generation that is trading materialism for experiences.

Coinbase, Wirex and others are offering debit cards with crypto as collateral in the EU. Not available yet in US.

The US sensibility towards crypto can inspire anyone to contemplate becoming an ex-pat.

Evermore2017 · Jul 6, 2019

HolyGrailSeeker said:
Technology is still relatively new. Its like saying can you completely just buy everything from the internet in the early 90s (Which you probably cant), but you can buy everything exclusively from the internet nw if you choose to.

I think Blockchain technology is a game changer, but there are many coins better than bitcoin and we will see new ones supported by central banks, so I don't believe the bitcoin will be THE COIN, bitcoin will be replaced and drop to zero, of course after the whales unloaded their coins into bagholders

Illini Trader · Jul 6, 2019

Overnight said:
I have yet to see bitcoin signs on any of the retail locations I frequent. I must live in a Podunk town here in the Boston area.

Here's a test. Convert ALL your USD...Everything, all assets and cash, into bitcoin, and try to live your life normally.

I don't think you'll be able to. For example, can you pay your utility bills with bitcoin?

I agree with every thing you say. My post is to put a small percentage of your net worth in Bitcoin and treat it as a long term investment hedge against the world financial system like you would gold only much better. I believe it is something that people will regret not doing. You will see a 400x growth one day from these current levels.