Bloomberg Foresees Bitcoin Rallying to $400K This Year

[tsznecki]

Hey @longshort what's the intrinsic value of gold?

Also, what's the cost of all the equipment and electricity needed to mine BTC? $0? Your parents must be related. At least one of them has 4 legs.

 

[neke]

https://www.elitetrader.com/et/posts/5301732

Yeah you know I'm not sure about listening to a guy who although made money trading, admits that he would have done better just buying and holding SPY.

Have you considered you don't know what you think?

You can select whatever part of my post you want to...

Bottomline, any intelligent person that does not see something fishy about an asset with no intrinsic value, and whose 'cost of production' and quantity is determined by the producers/owners, and has been set to increase by more than +100% per year since inception, and thrives on people needing to buy that asset at more than the cost... well I don't know what to say. Keep partying... maybe you get to 2140 when the last coin is mined..

 

[d08]

If you have issues against BTC/crypto, why don't you post theses and actual facts instead of attacking the messenger?

The first post you had against @johnarb in this thread you went ad hominem. Maybe you have no arguments against BTC and are just salty?

You can read, correct? @johnarb literally went after neke's post because he apparently hasn't posted here in a while and so what, who cares? Post frequency means nothing. So ad hominem begets ad hominem.

 

[johnarb]

You can read, correct? @johnarb literally went after neke's post because he apparently hasn't posted here in a while and so what, who cares? Post frequency means nothing. So ad hominem begets ad hominem.

You're not neke (or maybe you are, let us know) so let him reply to me. He posted a reply on the thread and I posted a reply to him

neke claims his background is in IT, but after 3 and half years since his first post on this forum, he still has not understood the game theory mechanics of mining making a false statement on his reply on this thread

After 2 years of neke's last post on the forum, he calls bitcoin a ponzi, uhm, yea, yikes. Any bitcoin hater who still calls bitcoin a ponzi must be living in a cave with no TV to not know all the things that has happened to bitcoin's network adoption and growth

 

[johnarb]

You have made nothing until you've cashed out.

If I remember your posts correctly, you held BTC through a 70% (or something in the neighborhood) drawdown. You might be the kind of hodler to keep on to BTC through a >90% drawdown (that BTC had several times in the past).

Maybe some day it won't bounce back up. Trading BTC is a zero sum game before transaction costs. Not everyone can be a winner and those who didn't cash out above their avg buy price will be the losers.

My crypto portfolio went down 80%+ from top to bottom in the 2014-2016 bear market and about 90% during the 2018-2020 bear market

Peter McCormack, a famous bitcoin maximalist disclosed on a YouTube video recently that he got wiped out during the bear market and was lucky to have come back by putting his last amount of savings last year. I'm pretty sure that's typical of every bitcoin/crypto hodler and many may not have been able to come back and re-invest

All the bitcoin/crypto believer and hodler here on ET had to deal with the derision during the bear market. Check out the posts on the bitcoin price thread between 2018 and late 2019

When bitcoin crashes you get to say I told you so to me, but not now

I'm all-in hodling all our net worth in the crypto portfolio sans ~$160K fiat cash out

 

[Daal]

My crypto portfolio went down 80%+ from top to bottom in the 2014-2016 bear market and about 90% during the 2018-2020 bear market

Peter McCormack, a famous bitcoin maximalist disclosed on a YouTube video recently that he got wiped out during the bear market and was lucky to have come back by putting his last amount of savings last year. I'm pretty sure that's typical of every bitcoin/crypto hodler and many may not have been able to come back and re-invest

All the bitcoin/crypto believer and hodler here on ET had to deal with the derision during the bear market. Check out the posts on the bitcoin price thread between 2018 and late 2019

When bitcoin crashes you get to say I told you so to me, but not now

I'm all-in hodling all our net worth in the crypto portfolio sans ~$160K fiat cash out

Most bitcoin and crypto believers are complete morons, as is Peter McCormack. Just because someone was lucky enough to have found out about bitcoin early, that doesnt mean one should take comfort on their failures to risk manage their portfolios to justify having done the same. Yes, crypto can be great for profits but it also requires top notch risk management skills and discipline, which 99.5% of crypto people do not have. I always cringe when I read on reddit yet another idiot saying 'guys, I just went all-in bitcoin here at $60K', this is the kind of broken psychology that will lead to the person to lose a shitload of money. Its also the kind of thing one never hears at the bottom. Sure, BTC to $200K, but throwing risk managemet out of the window or looking up at imbeciles like Peter McComarck is just asking for trouble

 

[Illini Trader]

@johnarb, I really admire your willingness to take on the jealous deniers in thread after thread. I gave up long ago trying to reason with the unreasonable. The greatest investment opportunity of probably anyone's lifetime and those who still ridicule do not even know how they embarrass themselves. The thing that still amazes me is that even now as it has grown beyond the mavericks and geeks like us they still deny. The big boys are starting to recognize it as a necessary financial hedge and it is still not too late. In fact if there is a financial meltdown BTC, ETH, and maybe a couple of others will be the only safe havens and the price may go to unimaginable levels.

In response to Daal above, yes going all in at 60K is not prudent. But everyone should put 5% to 10% of the net worth in Crypto even at these levels if they have no exposure.

 

[johnarb]

Most bitcoin and crypto believers are complete morons, as is Peter McCormack. Just because someone was lucky enough to have found out about bitcoin early, that doesnt mean one should take comfort on their failures to risk manage their portfolios to justify having done the same. Yes, crypto can be great for profits but it also requires top notch risk management skills and discipline, which 99.5% of crypto people do not have. I always cringe when I read on reddit yet another idiot saying 'guys, I just went all-in bitcoin here at $60K', this is the kind of broken psychology that will lead to the person to lose a shitload of money. Its also the kind of thing one never hears at the bottom. Sure, BTC to $200K, but throwing risk managemet out of the window or looking up at imbeciles like Peter McComarck is just asking for trouble

Daal, I was making matter-of-fact statements about the drawdown implications of a bear market

Each person has to make their decisions on how to manage their portfolio and deal with the consequences and since you did not give any of your own funds to anyone, you do not get a say or judge any of us

You incorrectly assumed I have not read any trading books, oh boy, I've read dozens, was a member of a book club that was being advertised here on ET 20 years ago.

I credit the books on how I dealt with the psychology of our portfolio management and the ability to recover from the bottom up to now

By the way, you should read "Complexity, The Emerging Science at the Edge of Order and Chaos", imo, a good explanation on how bitcoin emerged from less than a penny to now

 

[Daal]

Daal, I was making matter-of-fact statements about the drawdown implications of a bear market

Each person has to make their decisions on how to manage their portfolio and deal with the consequences

And I'm saying that I still see signs in your psychology of the very things that lead you to the two massive drawdowns. Yes, that has nothing to do with this thread but I had to point that out. I dont want to see you lose almost all of it again

 

[johnarb]

And I'm saying that I still see signs in your psychology of the very things that lead you to the two massive drawdowns. Yes, that has nothing to do with this thread but I had to point that out. I dont want to see you lose almost all of it again

Thanks! I'm waiting for a bear market confirmation and will cash out everything except maybe 10 btc's

Sorry, edit. I do have minor cashout plans when crossing milestones just like the $160K cashout at $1M+, there will be cashout after $2M m2m and $3M m2m, and so forth. crossed the $2M milestone recently, so working out the cashout plan, but no hurries, it could dip down below