If you bought $100 of bitcoin 7 years ago, you'd be sitting on $75 million now

jj90 said:
@Mtrader Nice strawman argument you set up. I expected better from you vs the rest of ET.
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I noticed that many here at elitetraders are not trading crypto's but the forum about crypto is very busy! Just hating every day, every minute on bitcoin (and cryptocurrencies). Just extremely sour grapes o_O
 
@johnarb I discussed this in another thread with another ET member about how too much negativity clouds perceptions and deprives one of opportunity. Skepticism and cynicism is healthy, but a being a straight out pessimist is dangerous.
 
jj90 said:
@johnarb Skepticism and cynicism is healthy, but a being a straight out pessimist is dangerous.
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Unless of course you are contemplating whether or not that in-demand beanie baby is really worth $5K, or whether or not you should grab that open seat on the last lifeboat on the Titanic.
 
jj90 said:
@Mtrader Nice strawman argument you set up. I expected better from you vs the rest of ET.
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All I read is that at the darkweb people pay with bitcoins. Hackers are paid in bitcoins. Bitcoins are the standard paying method used by all criminals just because they cannot be traced.

The evolution of the value is at least very suspicious. Makes me think of a pyramid system.
Why should we pay with bitcoins if we have hundreds of existing currencies?

All these things contributed to my opinion. I don't hate bitcoins, but all I see and read about it gives me bad feelings.

What are the positive arguments?

They only thing that might be interesting is the blockchain technique they use. Although I don't understand it completely.
 
@Mtrader BTC can be very well traced, simply that the people are anonymous.

I'm not a BTC bull, I am a crypto bull in general and I'll refer you to this post I made about the drivers of crypto right now in the short term.

jj90 said:
Here's something I shared over PM but I thought would help out shed some light on crypto:

1)China in February banned bitcoin withdrawals. Those bitcoins are stuck on Chinese exchanges going absolutely nowhere.

2)The hash rate(difficulty) of all altcoin mining increases over time.

3)Mainlander Chinese still have a need to get money out of the country.

4)Japan legalized crypto beginning of April.

So you have 2 macro instances where supply is decreasing and 2 macro instances where demand is increasing. Marinate on these thoughts.

I'm a buyer on any correction.
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jj90 said:
@Mtrader BTC can be very well traced, simply that the people are anonymous.
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I know that the transactions can be traced, but the problem is that the people are anonymous. Huge potential for abuses of all kinds. And that has already be proven.
To fight terrorism the Western world tries to cut off financing of terrorism and at the same time terrorisme can shift to bitcoins.
 
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