When are you wrong about Bitcoin??

[guest_trader_1]

Bitcoin must disappear to let other cryptocurrencies to flourish. The concept of a cryptocurrency is great and supports everything people like us wanted for decades, a way to get rid of the current banking system.

A banking system that is so corrupt that is able to buy entire elections while it is holding deposits from the biggest drug dealers of the world. Pure scum.

We have a great opportunity to change it, and what do we do? we fucking worry about the price of the cryptocurrency in dollars. We will never get anywhere if we keep making another forex market with cryptos, because that is what we have now, a useless cryptoforex market. And guess what? it is promoted by the very single banking system that we are supposed to get rid of. Of course it is, it is a massive goal they have scored on cryptocurrencies.

Show me a cryptocurrency that is not being changed for dollars and creates a completely independent network, one that does not have hedge funds or governments involved and I will believe on it. While the very same parties we want to change are part of the network we have achieved nothing.

Bitcoin is a distraction and I will never stop pointing it out until people get rid of it.

 

[Trader Curt]

I consider myself a realist.

All the facts point toward Bitcoin gaining strength with adoption. While all the fact point towards the USD losing value.

These are facts. I don't just make this up because I like Bitcoin. The writing is on the wall, clear as day...

 

[Ed48]

I only see Bitcoin as a speculative asset. And I suspect the majority of investors may only be in it for NgU.

I regret not buying in Spring 2019 when I seriously considered it. Oh well.

If I was a holder, I'd be concerned about how it might react if we get a major financial crisis/recession/bear market. Will there be a stampede for the exit?

 

[deaddog]

I'll change my mind when someone can show me how to value it.

Right now it's only value is as a collectible. I have to find someone (greater fool) to take it off my hands. Not much different than trading cards.

 

[ph1l]

If Bitcoin was religion, I'd be a full blown cultist believer

I LOVE Bitcoin!!

You might want to join
https://churchofbitcoin.org/

And anyone can help the church with a purchase of things like

But they only accept payment in dollars! So bucks are better than bitcoin for "The Church of Bitcoin." Is this not Bitcoin Blasphemy?

 

[savoir]

***
If...
- Bitcoin breaks below the 2017 highs of around 20k
- Number of new users/holders (measured by wallet address) starts to roll over and decline
- If the amount of $$$ value settled on the network begins to decrease for an extended time (its currently increasing exponentially)
- If there was a significant technical issue. Such as the network being down for a significant period of time, faulty transactions verified, or a true hack of the network (not a hack of a third party such as a broker) such as a 51% attack.
- If another crypto that is TRYING TO DO BITCOIN-LIKE THINGS starts getting a lot of tractions/market cap/users/value settled. Thinking here things like - bitcoin cash, bitcoin sv, zcash, monero, litecoin. NOT coins that have other use cases like Eth, Solana, stable coins, etc
- If its proven Tether is really worth $0 (this wouldn't make me totally give up on bitcoin, but we are in a world of hurt at this point)
- If we start seeing an about-face from the institutions that are in the space. Thinking institutions like Tesla, MSTR, Square, Fidelity, etc. If they change their tune and begin to be anti-bitcoin that is not a great thing
- If the move to SUSTAINABLE mining reverses. This got a big boost after the China ban, they were by far the worst offenders

Those are some things that would change my mind.

***

Eight items on your list. I see that the first item is technical-based and the rest not. It’s unclear whether the 20K is a price stop or is just another thing to consider along with all the other things.

In reference to your thought experiment, I don’t see Bitcoin displacing or even disrupting the entrenched monetary system. I see it as a speculative instrument that got overinflated along with other speculative instruments when the system was flooded with money during the pandemic.

I could be wrong. Bitcoin doesn’t need to replace the US dollar, the Euro or even the Yen for me to admit it. Just give that pretender the British Pound a run for its money.

 

[Zwaen]

This morning I put cheese on my eggs, with my sandwich. I was wrong. Shouldn’t have done it.
But this afternoon, I took cinnamon with my apples. I was right. Great taste

happens all the time

 

[ktm]

As you admit and as xandman wrote, it's so far from ubiquitous . That's the first issue...and the instability as noted by others here. It's basically a speculative trading vehicle at this point and little else.

The strongest reason that I can't get on board is the proselytizing by the addicted and those that are already in. It feels a lot like Amway. Every day, johnarb is posting a new thread (or multiple) about bitcoin with his standard "prolly nothin" caption. If it's so amazing, why do the faithful have to constantly push it and sell it and beat everyone over the head with embracing it? I don't recall anyone here 10 years ago posting daily about how amazing NFLX is and how we all need to stream...or how 25 years ago we should be reminded every day to buy books on this great new AMZN site.

I feel like those pushing it hardest are the most scared it's going tits up and they will lose a ton. You gotta keep the fresh meat coming in to keep it propped up I guess.

Crypto could be the most amazing thing ever and I may have missed the boat, but the constant hard pitch is a big red flag for me.

 

[Specterx]

So bitcoin haters (or lovers) ... what would make you change your mind? When you would say "I am wrong"?

Wrong about what exactly? My personal view is that the "crypto ecosystem" or is mostly bullshit, and crypto is hilariously unsuited for the many uses/purposes pushed by the boosters - like serving as the basis of a new world monetary system, or smart contracts revolutionizing finance. Sooner rather than later there are going to be some spectacular collapses of crypto exchange(s) and related major scandals, as if the almost daily drumbeat of multi-million-dollar thefts, hacks and rugpulls wasn't enough.

Yet, at the same time, I think it's well within the realm of possibility for BTC to rise by around 5x from current levels over the next (say) 10 years. I'm prepared to take a meaningfully large position once conditions are right for such a move to begin, and assuming I can do so within my risk management parameters.

From a trading or speculation point of view, it's not a good idea to become dogmatically attached to any opinion or scenario.

 

[johnarb]

As you admit and as xandman wrote, it's so far from ubiquitous . That's the first issue...and the instability as noted by others here. It's basically a speculative trading vehicle at this point and little else.

The strongest reason that I can't get on board is the proselytizing by the addicted and those that are already in. It feels a lot like Amway. Every day, johnarb is posting a new thread (or multiple) about bitcoin with his standard "prolly nothin" caption. If it's so amazing, why do the faithful have to constantly push it and sell it and beat everyone over the head with embracing it? I don't recall anyone here 10 years ago posting daily about how amazing NFLX is and how we all need to stream...or how 25 years ago we should be reminded every day to buy books on this great new AMZN site.

I feel like those pushing it hardest are the most scared it's going tits up and they will lose a ton. You gotta keep the fresh meat coming in to keep it propped up I guess.

Crypto could be the most amazing thing ever and I may have missed the boat, but the constant hard pitch is a big red flag for me.

Stop fooling yourself, I'm not trying to sell Bitcoin to anyone who does not want it