Bitcoin - Crypto investing and trading discussion

Discussion in 'Crypto Forum' started by heyimsnuffles, Dec 22, 2016.

  1. StockJock-e

    StockJock-e Brew Master
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    There are plenty of old wallets that have yet to sell, we could be seeing plenty of crashes along the way, but if more and more institutional investors come along to absorb that supply, then the bullish case is still on.

    $100k is the obvious round number everybody keeps tossing around, so Im going to have to go with something lower, say $85k :D
     
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  2. Rustic1

    Rustic1 Well-Known Member

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    Very true. Unlike the markets we can monitor trade/adjust our holdings 24/7. A higher capability of management gives more confidence. Until recently I was the non believer. We are noticing more outflow from the markets into crypto along with a few more. A lot of people have a distrust of the markets and are shifting to other alternatives. The younger generation is better educated and much like the caveman, some of us older folks are learning to adjust with the future or simply become extinct in our ways.

    I look at some of these companies and the current evaluation and simply shake my head in disbelief.
    Real estate is a joke. The next 2-3months will be interesting.

    In time the older wallets most likely will cash in and we could see a good sized correction, my guess is it will quickly dry up and we will ease our way to 85,000 and 100,000.

    We witnessed the VW squeeze that literally took years to engineer and the recent GME scenario that was done in a few short months.

    The old lumberjacks used axes, the modern ones have chainsaws and know how to harvest the gamma juice.

    Times change.
     
  3. andyvds

    andyvds Active Member

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    just wondering - where did I see this bitcoin kind of chart before .....

    [​IMG]
     
  4. CFi

    CFi Member

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    I don't understand the Tulip mania comparisons. Neither theme nor time range fit. You can sure layer an extract of the Bitcoin price development on the Tulip bubble chart, say 2016-2018, but the whole development since 2009 is a different phenomenon altogether. Also, a potentially global digital currency with ultimately limited supply is something different than an ephemeral flower bulb. Can anyone fill me in? What am I missing in the comparison?

    As far as Bitcoin's price is concerned: Why is everybody expecting a crash? Why can't this go sideways for a decade, between 50-100k?
     
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  5. Rustic1

    Rustic1 Well-Known Member

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    My tulips sure are smelling good. :rofl: Not quite time to harvest though, some rain a little sunshine might even play a few Zeppelin songs for my little bulbs. The beauty of these gardens is we can keep our eye on the greenhouse 24/7 just in case the severe storms sweep in, then we can just harvest our sweet little jewels. :cool2:

    Good thing I'm not a trader, those guys never win.:rofl: Screenshot_20210313-181724_Webull.jpg
     
  6. StockJock-e

    StockJock-e Brew Master
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    Its got nothing to do with range or time.

    Tulip mania is a reference to irrationality of crowds.

    A rare tulip was expensive because the next guy was willing to pay more for it because he thought the next guy would pay more for it.

    One day it all collapsed because it turned out that a rare tulip is actually not as valuable as your house.

    Bitcoin is a little different, but why is everybody so sure its going to $100k? Because its going up and somebody else is sure to buy your bitcoin from you at a higher price.

    Everybody knows that right?

    There are a few legit reasons for bitcoin to be higher, store of value, easily transferable, inflation proof... but end of the day the only value bitcoin has is what ever the next guy is paying.
     
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  7. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    Food for thought my friend. Bernie M. would still be living in Manhattan right now if bitcoin had been around. I know who Hal Finney is. I have a friend whose nephew made a lot of money. For people my age it reeks of something fishy. One it is not scarce like gold which has a limit of what comes out of the ground. Bitcoins token count is limited by what? Computer programming. How do you value it as an asset, There is no tangible data. If you look for regulation there is none. The big question is, can this be a massive bubble that will eventually burst. That being said, some people will make a lot of money. Evidence is pointing that there are thousands of people will find out their virtual wallet is virtual for a reason. As a man who has principles that I have really never varied from since 1986, it reminds me of the football phrase, "smoke and mirrors." That being said I wish you the best in your endeavors.
     
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  8. Rustic1

    Rustic1 Well-Known Member

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    Always good to hear from both sides of the spectrum. Even if you just post a Tulip bulb chart.
    Until recently I was on the non-believers side, it made absolutely no sense at all to invest in thin air.

    Things obviously have changed. For now I will enjoy my VIRTUAL journey into the modern World with caution. observe both sides of the debate and keep the water and sunshine flowing to my tulip garden and watch them grow. At some point I will harvest my crops and enjoy the fruits of my labor.

    :cool2:
     
  9. StockJock-e

    StockJock-e Brew Master
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    Actually it is.

    There will only ever be 21M bitcoin created, but its not as if you need to own an entire bitcoin, same way you do not need to own an entire brick of gold, you can own some gold dust and still technically own gold.

    Your argument is not wrong though, at least gold is physical asset you can touch and hold, bitcoin is just some numbers on blockchain.

    But as I said, it has value just as along as the next person behind you agrees that it has value.
     
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  10. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    Ahh thank you. In 1979 in Seattle the term pyramid became a viable investment option. You would put in a 1,000 dollars and recruit other people to do like wise. There are hundreds of people who cashed out at 16,000. What a return. I would disagree with the 21 million figure. A computer programmer with the blessing of the bitcoin community could increase the limit. Thanks for the response.
     
  11. StockJock-e

    StockJock-e Brew Master
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    No, that can not happen.

    There needs to be consensus to make any changes, you need 51% of the mining power which as it turns out, is incredibly hard. The bitcoin miners own (and generate) large amounts of bitcoin. They have zero incentive to make the price drop. In fact, they will do everything they can to make the price go up.

    But what if enough people wanted to make a change?

    It has already happened, its the bitcoin fork.

    Bitcoin has a limited block size of 1MB. Every transaction made need to fit in that 1MB, if there is no more space, then the transaction has to wait 10min for the next block.

    A few miners in the community realizing this is a problem for the future use of bitcoin wanted to raise that limit to 8MB to allow for more transactions. The downside is that transaction fees would be lower, so miners make less profits. The upside was that bitcoin could used for what it was meant to do, send a lot of transactions cheaply.

    What happened was a hard fork.

    BTC split into BTC and BCH. BCH is bitcoin cash. Every person who held BTC got a the same amount of BCH, so basically free money.

    BTC continues normally with no changes, the forked coin goes on its own path.

    Ethereum had its own hack/flaw which resulted in Ethereum as we know it now, and Ethereum classic which nobody talks about and is swept under the rug.
     
  12. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    The Al Gore internet tells me in 2009, one of the great inventors in American history, Satoshi Nakamoto, started with 50 bitcoin. Hal Finney downloaded the bitcoin software the day it was released and received 10 bitcoins in the first transaction. So my opinion is since Bitcoin is based on a viable perception, the final test will be when the piper comes a calling. Can you make money in Bitcoin? Oh yes many have. Where is the great Satoshi Nakamoto?
     
  13. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    Hello Rustic, lets talk. My first lesson in investing was 1961 by my dad. It was? SAVE. Still works. My opinion is the younger generation is less educated because they have not been taught principles. Last year I listened to a radio program that stated that almost 70 percent of people in their 20's and 30's make decisions based on how they feel or how their friends feel. So i did a sample pool and low and behold over half the people in their 30's that I ask agree with that statement. So many claim to have knowledge when it comes to money. If we are talking markets, I ask someone if they know who Gerald Loeb is. There are principles that will always work. My opinion of real estate is opposite of yours. Hopefully unlike Facebook, I hope you don't unfriend me. My question for you is tell me your first investment. The great thing about investing is there are many options. Let's talk.
     
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  14. Rustic1

    Rustic1 Well-Known Member

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    Sir, this is a Wendy's we serve tendies here.

    Dr. Satoshi is out of the office at the moment, watering the tulips.

    You can leave a message or go to AOL and dial him up, he will be with you shortly. Thank you. :rofl:
     
  15. StockJock-e

    StockJock-e Brew Master
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    Why did I just waste 5min explaining forks when clearly this guy knows whats going on?

    You could have just told me that you dont need a crypto 101 course you know? :)
     
  16. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    Look I don't mind a discussion. Most of my posts will include the word "opinion". So i never said the words "I KNOW". I am looking for discussion. All you have to do is request I don't respond to your posts. Sarcasm has its place but when someone says opinion they mean opinion. Would you say the same to Warren Buffett if he disagreed with you? Either way have a good day.
     
  17. roadtonowhere08

    roadtonowhere08 Well-Known Member

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    I think you read him wrong. He said he wasted his time explaining something to you that you probably already know.

    Or perhaps I read both of you wrong. Who knows?

    People already know how I feel about bitcoin, so I am nodding along in agreement with much of what you are saying, Dave.
     
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  18. StockJock-e

    StockJock-e Brew Master
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    You misunderstood. I was under the impression you had no knowledge about crypto, but you clearly know more than what I thought you knew.
     
  19. StockJock-e

    StockJock-e Brew Master
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    Exactly.

    Damn online communications.
     
  20. Dave Kraayeveld

    Dave Kraayeveld Active Member

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    My bad sometimes the only exercise I get is jumping to conclusions.
     

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