Or Rektember... no matter, Uptober is historically a good month
Bitcoin Price Thread
- Thread starter Magna
- Start date
Or Rektember... no matter, Uptober is historically a good month
We have just had the worst week in the S&P since march 2023. We also just had the worst week in the Nasdaq since all the way back to 2022.
Now you pop up here with this little bit of philosophy... saying what exactly? People should get out of the whole S&P 500 and Nasdaq because they just lost money?
It seems every bear finally comes out of the rock he was hiding under when ever the vix finally spikes through the roof. Funny why that is...
I think most fund managers were suggesting 1-5% allocations. So if people followed this advice, they were using the ETFs as an asymmetrical bet. If Bitcoin does a 10x, which might require other markets to fall apart, or who knows, everything goes to the moon, but even it nothing else collapsed, then such a small allocation could never hurt your portfolio. So I'm not sure if most investors are eager to sell just because of a 20% or 30% drop from the highs. The fundamentals are in no way broken.
The absolute only way that I can see Bitcoin collapsing is if the market collapses, and they don't print money. If deflation is allowed to happen for an extended period of time, then too many people will need cash, and Bitcoin, as always, takes the first hit. But the chances of this happening are extremely small. If too many people lose wealth, I'm sure this has a negative effect on the treasure market, and this is something that cannot happen. So I really do think its only a matter of time until things turn favourable.
I didn't in 2001, but I ended up 100% in cash in 2008 and 2020.
I had cash to get in at the bottom, although I waited for the trend to establish before I got back in. Right now most of my holdings haven't seen a sell signal.
Come on guys, let's call spade a spade.
What does Bitcoin do? What does it produces?
N O T H I N G.
BEST CASE SCENARIO Bitcoin is a meme-coin and it's price is purely attention based (look how Trump speech at the conference marked the top).
Worst case scenario it's a ponzi scheme propped up by fake Tether dollars. At this point it's pretty much a known fact Tether issues Tethers against crypto collateral; therefore their stablecoin is to some degree backed by crypto and not by USD.
What does Bitcoin do? What does it produces?
N O T H I N G.
BEST CASE SCENARIO Bitcoin is a meme-coin and it's price is purely attention based (look how Trump speech at the conference marked the top).
Worst case scenario it's a ponzi scheme propped up by fake Tether dollars. At this point it's pretty much a known fact Tether issues Tethers against crypto collateral; therefore their stablecoin is to some degree backed by crypto and not by USD.
I hear it does very well at annoying the shit out of gay-bears who missed out on their early retirement.
It's very hard to compete with a ponzi scheme. Bitcoin is winning because it's pumped with fake dollars that are being endlessly printed out of the sky.
Once Tether is wiped out, Bitcoin is unlikely to ever get back to it's ATH. Who is going to buy a useless, energy wasting coin?
The game plan for those bullish on crypto is very simple here:
1.) Wait for Tether/market collapse
2.) Buy tokens with superior technology that are likely to replace BTC; eg. Ethereum and Cardano
Once Tether is wiped out, Bitcoin is unlikely to ever get back to it's ATH. Who is going to buy a useless, energy wasting coin?
The game plan for those bullish on crypto is very simple here:
1.) Wait for Tether/market collapse
2.) Buy tokens with superior technology that are likely to replace BTC; eg. Ethereum and Cardano
Because the 'energy' that is put into (stored) into the coin wasn't useless? It took effort and expense.
This is why we traded glass-beads, sea-shells, etc. for thousands of years. The work put into them was labour intensive. All that time and effort put into them was considered a store of value in itself. And why we used them as a means of money/barter/trade/etc.