The problem with Bitcoin, is if it gets too pricey, there will be a war and demand for a re-set by those who missed out.
Gold vs bitcoin ...
- Thread starter S2007S
- Start date
How is this a problem? Buy some now and you will be winning when its over 1 million.
Plus, to be honest, as much as I want to be rich and don't want to work anymore, I would much prefer a system that is fair for everyone. This is the only way forward. We are at the end of having to find our way in a manipulated system. People don't have to be rich. We just have to know that our work isn't being manipulated away by a select few that set the rules. Who wants to play a game of monopoly if all the properties are already bought and all you do is go around the board over and over again just paying rent and taxes?
When people can see that their input into society can actually make a difference, they are incentived to work. This isn't the case now since working your ass off barely covers food and shelter.
Regular people are already fighting a war every day. So if the war is a push-back against switching to a new system, I say bring it on.
I wonder if you can share any thoughts on the recent price action? This rally has been impressive off the lows, and we turned at 61k, not being able to break the previous flash crash down to 59k.
I'm by no means taking credit for making a good call, but just repeating that if I was waiting for lower prices, I'd be pretty pissed off right now. I scaled in many times (even those black triangles are buy orders... not sure why they aren't green), but one entry was never filled at 41.05 because I too got worried about lower prices. I then put it back on after the rally on March 20, but it never dropped low enough to fill. (I was essentially just buying 10 shares for every dollar that BITX went lower)
My position in BITX stands at 200 shares with an average price of 51.80 and an open profit of $451. It was clearly down over -$1.4k at the worst, and I'm happy to see it recovering nicely.
But I guess the point I'm trying to make is that for those who did sell at the highs, and hence saved themselves from this drop as you suggested, would they have been able to start accumulating again? Will they wait until we break ATH again and then be at a worse spot than if they never exited?
I was a bit worried with this position since its a 2x leveraged futures product, and hence does suffer from decay, so having to hold it for months would have had a negative impact, but I just felt like if I don't keep scaling in, I would absolutely miss the turn and be worse off.
Do you therefore think the worst is over? We are at 71k now, and you were sounding bearish around 70k, but even lower to be honest. So if you didn't get back in yet, then trading bitcoin for this pullback might not turn out more profitable than just buying and holding. Any thoughts?
Actually, in Canada you can only cover food or shelter. Both are impossible at the same time. Even the armed forces are now living off food banks to eat (no joke).
The joke is... Canada has the richest wealth of natural resources per capita, and yet, we are the poorest nation out of the G7 and literally bankrupt. Thanks, liberals!
All we can do now is starve and wait for China to finally start the invasion, then we can trade one useless dictator for another, who may actually know how to use our own resources properly for once.
No offense, but why do you think I posted the following chart (which you clearly "liked")? I suggest you compare the time that I posted the chart (in Pacific Standard time) and when BTC reversed.
I disagree, Stock Market is record high, real estate has minted more millionaires than ever and commodity prices are raging right now(Uranium, Gold etc).
Times are good to be a Canadian, especially the investor class.
Nobody is talking about Bitcoin, everybody is talking about price of Bitcoin.
And price of Bitcoin can be compared to madoff (assuming that Tether is a fake stablecoin/sort of a ponzi scheme that is printing USDT and propping up the market, heavily distorting the value).
Bitcoin would work the same way even if dumped to $1,000. Heck, it would work even better because transaction fees would be cheaper.
This is why it's so dangerous IMO. Because almost anyone can get fooled since it's not a traditional ponzi, but an obfuscated one that is hard to detect.
People who are entrapped in a ponzi-scheme never see it coming until they lose it all. Because you are getting paid (with Bitcoin you are not making interest, but make money as it appreciates) and the haters are obviously wrong. People are making money in the moment and can't see beyond that.
The greatest financial con in the history of man-kind.
They will keep pumping until it collapses. I don't know how high. Maybe this is the top, perhaps it goes to $100k or $150k. Enjoy the ride, once it goes bust we will be left with fairy dust.
Unlike Bitcoiners, i am not speaking in absolutes. I could be wrong. But this is my assumption based on the behavior of the people and the evidence in favor of Tether being a ponzi.