Bitcoin Price Thread

[The_Krakenite]

Well, I read the D.E.I. bulletin release by Baron. We need to remove some of the toxic bullish-masculinity on the forum as it's not 'inclusive enough'. Remember, diversity is our strength. So here's some hand-out support for Orbit.

 

[orbit23]

My comment was just poking a little fun at "orbit" for missing the boat and still wanting to hang on to his tulips.

That boat might have been missed, but now there is an opportunity to bet on the boat getting sinked.

Took a long time to get there, it will sink much faster.

Crypto holders will be jumping from this sinking Titanic. There are only so many rescue boats and the water is freezing.

 

[Specterx]

I think the bottom line is this. Everyone knows US dominance is fading, and many countries want a different monetary system, but nobody wants to trust anyone else. Trusting gold is ancient history. It just makes perfect sense that if you can't be the reserve currency anymore, the next best thing to do is make sure the baton doesn't go to someone else. Once you realize you will no longer have the advantage, then its in your best interest to make sure the next system is fair, rather than some other super power calling the shots. If the next system is really going to be based on 21 million bitcoins, and the US can control millions of those coins through their own holdings and the holdings of US companies and US ETF's via its citizens, then this is a very good position to be in.

No country (serious ones, ie not El Salvador, or island microstates etc) will ever base its monetary system on BTC, full stop.

In 2024 it’s well understood what countries must do to maintain monetary stability and keep inflation in check. The reasons they often fail to do so are almost always political in nature, when the ruling class perceives that its interests are better served by looser money than by a stronger currency. It has absolutely zero to do with any lack of availability of a hard money to fix against.

This is why nobody pegs to gold, and only a dozen or so mostly small and irrelevant countries peg to the USD.

 

[NoahA]

No country (serious ones, ie not El Salvador, or island microstates etc) will ever base its monetary system on BTC, full stop.

In 2024 it’s well understood what countries must do to maintain monetary stability and keep inflation in check.

I happen to think that at some point, certain countries won't have a choice, and this includes the US. The only way for the $35T in debt to not matter is for it to be inflated away. They need GDP to grow so the debt/GDP ratio gets under 100% again. Its the only solution, apart from default. So inflation will run hot, and enough people will realize the currency is going to shit, so they will naturally give up on the old system.

 

[orbit23]

A very nice article that is describing exactly what i've been talking about

Cryptocurrency Is a Giant Ponzi Scheme (jacobin.com)

 

[The_Krakenite]

Oh god, another idiotic post on the internet. I took a quick look at the top of that article out of interest.

Popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin all employ a “proof of work” consensus method for verifying updates to the blockchain.

ETH isn't PoW. And it hasn't been for some time. For many years we were moving it over to PoS. This author can't even get the basics right... are you stupid?

No, I'm not joking. Why are you posting this trash here on Elite Trader when basic facts aren't even remotely correct (or up to date)?

The Bitcoin blockchain adds a new block every ten minutes, and the block reward is currently 6.25 newly minted bitcoins--

Holy fuck. Thanks for the update. I'm going to message all the CEO's of my bitcoin miners to let them know they've had the reward figures wrong this year. Thank god that this no-name person on the internet spotted this flaw!

I decided to skip through all the rest of the rubbish in that article and looked at the bottom to see what point the author was trying to make...

And then he went on rambling about the only thing Bitcoin is used for is the current facilitation of child-porn.

I have to ask once more.... Are you fucking stupid?

 

[orbit23]

Oh god, another idiotic post on the internet. I took a quick look at the top of that article out of interest.



ETH isn't PoW. And it hasn't been for some time. For many years we were moving it over to PoS. This author can't even get the basics right... are you stupid?

No, I'm not joking. Why are you posting this trash here on Elite Trader when basic facts aren't even remotely correct (or up to date)?




Holy fuck. Thanks for the update. I'm going to message all the CEO's of my bitcoin miners to let them know they've had the reward figures wrong this year. Thank god that this no-name person on the internet spotted this flaw!

I decided to skip through all the rest of the rubbish in that article and looked at the bottom to see what point the author was trying to make...

And then he went on rambling about the only thing Bitcoin is used for is the current facilitation of child-porn.

I have to ask once more.... Are you fucking stupid?

At the time of the post ETH was still POW i think. Getting block reward wrong is an irrelevant detail.


Exit this ponzi scheme before it's too late. The writing is already on the wall. It either goes down, or it goes up for a final exit pump into $65K-$72Ks before crashing down into $30Ks.

Once it dumps to $30K, it's just a question whether the collapse becomes full-blown and Tether goes under and crashing under $10K, or do they manage to drag the manipulation over a few more years before this thing dies of a slow and agonizing death.


Kamala is leading in the polls. Middle east is an inch away from imploding. Bitcoin is COOKED.

 

[NoahA]

It either goes down, or it goes up

Brilliant....

Now if we ever break the ATH at 73k, will you finally shut up? I just really want to know if you have a point at which you will give up.

Once it dumps to $30K, it's just a question whether the collapse becomes full-blown and Tether goes under and crashing under $10K, or do they manage to drag the manipulation over a few more years before this thing dies of a slow and agonizing death.

This is what you keep overlooking. There are too many players, like the government, that will not let Tether collapse. Stablecoins are in great demand all around the world. These stablecoins is what is actually going to keep the USD relevant. How much USDT do you think will actually be re-deemed? I don't know if they are fully pegged 1:1, but I will bet that they can meet any level of redemption that is realistic, even 50% if it ever got to that.

But explain this to me. Its rumoured that Yellen wasn't going to let Japan sell all their bonds because she doesn't want that supply hitting the market, so they either provided funding, or simply forced Japan to stop raising rates. So don't you think that if USDT redemptions hit $10B, 20B, 30B, that the Fed wouldn't step in and prevent these treasuries from hitting the market? The last thing the Fed wants is anyone selling treasuries. USDT is something the government actually loves. They can freeze funds whenever necessary, unlike with Bitcoin, so if you ask me, USDT is actually a strategic resource. It provides a wealth of information and source of control.

 

[poopy]

Brilliant....

Now if we ever break the ATH at 73k, will you finally shut up? I just really want to know if you have a point at which you will give up.

I think we'll have to break that figure to reach a mil by 2030.

 

[poopy]

Truer words...

Blockchains are, at their core, simply append-only spreadsheets maintained across decentralized “peer-to-peer” networks, not unlike those used for torrenting pirated files.