Bitcoin Talk

[zif]

I can tell you what the intrinsic value of gold or silver, oil, or any given company on any major exchange is, can you tell me what the intrinsic value of bitcoin is? Doubt it, Bitcoin’s biggest hurdle is adoption. The majority of transactions are from exchange to exchange from people who are trading the currency and not from adoption.

What is the intrinsic value of gold? If I try to buy a burger down the street with it, I can assure you it is zero. It's far from adopted as a mechanism of trade! It is largely used as a resource for hoarding assets and for derivatives-based speculation.

You seem to be making a strong argument for bitcoin being similar to gold, as far as I can see.

Its interesting to think about what the 'intrinsic' value of bitcoin really is. At one level, it's clearly converting a large amount of energy into an abstract store of, what, entropy? It's also becoming a real source of heat for miners who can use that side effect of production. Like gold, it's incredibly difficult to forge. More broadly, some crypto currencies have more explicit value, like etherium's distributed computational function.

Just because you don't see it, it doesn't mean there isn't a real underlying store of value.

 

[Morphote]

I got Bitcoin much, much cheaper than that..........

Trust me the people I told about it are still kicking themselves for not buying sooner (~$130). I tell them don't worry about it. Relatively speaking, if Bitcoin goes where it's supposed to it won't matter if you bought in at $130 or $1300 or $13000.

M.

 

[Chappi]

I think it’s always good to see both sides of an argument. I see the inplications of bitcoin/blockchain and how it can and probably will change the world very much like the internet did in the 90’s.

As far as gold vs bitcoin, gold has adoption, it can be used in thousands of things and is necessary for a lot of things. Bitcoin is useful in storing value and being decentralized, that’s pretty much it and adoption is not anywhere near that of gold so there’s not even an argument there.

I’m not a bitcoin basher but some of you are straight up bitcoin groupies, you can’t accept that there is a big chance that BTC loses ground to a newer better cryptocurrency or that it just straight up fails to gain any adoption. Because lets be 100% clear on adotion, it has stayed relatively the same from BTC 1000 to BTC 20000. There’s an argument that BTC or cryptos in general will replace fiat currencies in 10 years, not likely. I see it happenin in this century and maybe in our lifetimes depending on how old you are I guess.

There are so many reasons to be bullish on bitcoin and there are also many reasons why it’s 99% speculation and market sentiment on a crazy level. Only time will tell.

 

[Chappi]

Trust me the people I told about it are still kicking themselves for not buying sooner (~$130). I tell them don't worry about it. Relatively speaking, if Bitcoin goes where it's supposed to it won't matter if you bought in at $130 or $1300 or $13000.

M.

Where do you think bitcoin is going and why? Honest question.

 

[Morphote]

Where do you think bitcoin is going and why? Honest question.

Honestly I don't care. I'm so far in the black on this that I'm staying in no matter what. I hear the valuations at $1 million each by 2020 and I laugh, but I wouldn't sell at $130000 each. I'd consider loaning Bitcoin or selling futures but based strictly on the short supply and increasing demand I'm really not sure how far this could go. Tricky bit is getting my partner to hold onto Bitcoin instead of cashing out now and buying a new car. Ask me again when I can afford a new house. Seriously.

M.

 

[JVonChron]

c

 

[EasyGoing]

Where do you think bitcoin is going and why? Honest question.

100k by Dec 31st 2018.

30k by March 1st

June will be a big month for Bitcoin

Willing to put my money where my mouth is also. Any takers?

 

[EasyGoing]

Honestly I don't care. I'm so far in the black on this that I'm staying in no matter what. I hear the valuations at $1 million each by 2020 and I laugh, but I wouldn't sell at $130000 each. I'd consider loaning Bitcoin or selling futures but based strictly on the short supply and increasing demand I'm really not sure how far this could go. Tricky bit is getting my partner to hold onto Bitcoin instead of cashing out now and buying a new car. Ask me again when I can afford a new house. Seriously.

M.

Trying to make enough for funding a dispensary, and a micro biz here in cali. Need around 1.5 mil. Screw a car, lol.

 

[ganjygav]

I keep looking at it but I don't understand it at all. So people are buying bitcoin as an investment not just to pay for things?
What would I need as a minimum investment into bitcoin?

 

[ganjygav]

Wow scrub that, I just seen today's price in UK at nearly £11,500. Well done you guys who jumped in early.
How do you guys know not to cash out yet?

 

[EasyGoing]

You can buy Bitcoin in any amount. I say take 100$ and throw it into bitcoin today. I predict Bitcoin will test the 20k resistance level here in the next few weeks, and I feel the alt coins are going to cool off in this period. So, as a newbie, now is a good time to buy Bitcoin.

 

[Yard dog]

What is the intrinsic value of gold? If I try to buy a burger down the street with it, I can assure you it is zero. It's far from adopted as a mechanism of trade! It is largely used as a resource for hoarding assets and for derivatives-based speculation.

You seem to be making a strong argument for bitcoin being similar to gold, as far as I can see.

Its interesting to think about what the 'intrinsic' value of bitcoin really is. At one level, it's clearly converting a large amount of energy into an abstract store of, what, entropy? It's also becoming a real source of heat for miners who can use that side effect of production. Like gold, it's incredibly difficult to forge. More broadly, some crypto currencies have more explicit value, like etherium's distributed computational function.

Just because you don't see it, it doesn't mean there isn't a real underlying store of value.

Pretty sure that's how the Chinese see BTC too as a commodity and not a currency, suppose most miners have been getting out of there....

 

[zif]

100k by Dec 31st 2018.

30k by March 1st

June will be a big month for Bitcoin

I'm very curious about the 'why' for your specific predictions.

Technical analysis? Gut feeling?

 

[zif]

Pretty sure that's how the Chinese see BTC too as a commodity and not a currency, suppose most miners have been getting out of there....

What about the Chinese govt? If any major state takes a stab at stabilizing BTC or another coin, I think that we'll see the currency angle once again rapidly overtake the commodity side. I expect both vigorous disruptive moves and intense efforts to stabilize crypto markets from large players soon.

 

[EasyGoing]

I'm very curious about the 'why' for your specific predictions.

Technical analysis? Gut feeling?

Technical analysis. Hard to predict the end of year, but watch right now as bitcoin consolidates and tests it's resistance levels. The market cap just dropped due to Korean exchanges, however we are headed to a Trillion dollar cap, and when we hit that cap, bitcon will reach new heights IMO. Doesn't mean other coins wont out pace bitcoin, however bitcoin is going up in the near future, and I believe bitcoin will remain dominate as the market cap hits 2 trillion by the end of 2018.







Huge sale this AM guys. Who was up early to take advantage? Bought up a ton of XB, Tron and XRP

 

[canadacannabis]

I've been playing with bitcoin since 2010. I remember when they hit $5usd and people were freaking out. Everybody assumes I must be sitting on millions upon millions of dollars. I don't even have 1 million.

To all the people thinking to themselves "if only I bought bitcoins a couple years or even 1 year back, I WOULD be a millionaire right now!" Let me tell you why you most likely would not, and forbes actually published an article on this...

buying bitcoin at say, 5 bucks, and then it hitting $100 bucks a few months later is 20X your profit in a few MONTHS. Traditional investments in the stock market well hardly ever see 20X returns unless you wait over a decade. I was holding tons of bitcoins when they went on their first bull run from below $100 to $1250usd each in like 8 months and "luckily" sold 90% of my holdings between 1100-1200usd, all coins bought for under 10 bucks. On some of those bitcoins I made more then 200X my initial investment. It went against all my logic to hold any as long as I did (I was cashing out small amounts on along the ride)

Right after I cashed out 90% Mt.Gox, a bitcoin exchange which at that time was responsible for 80% of all bitcoin purchases and sells, was "hacked" bitcoin plummeted down to less then $100 in less then 3 days, and then for the next 3 and a half YEARS stayed between 200-400usd. I sold my last 100btc in June 2016 for about 40k. At bitcoins all time high, those 100 bitcoins, which were only 10% of my total holdings, would have been worth 2.5million Canadian. More then 900 bitcoins made me hardly a year earlier. But, if someone had told me in 2016 that bitcoin was gonna hit even 5k canadian each I would have laughed in their faces. It had been 3 and half years and never ever got close to returning to its old all time high

99% of the people that bought bitcoins for under $100 and didn't sell a single one all these years fit into the following categorizes;

They bought them or mined them when they were worthless for fun and stored them on an external harddrive/usb and simply forgot about them until seeing on the news that they were worth over 10k each. They forgot their password for their wallet but managed to eventually get in when they realized how much their few hundred dollar investment was now worth. They were in jail so they could not sell them (many stories like this actually) and the last part of the 99% being people that were already wealthy and did not ever need to cash out profits and wanted to be in for the long haul to see if it would take off.

Only 1% of the very long term holders did so because they truly believed that the tech was world changing and believed bitcoin would eventually replace fiat currency which sounded insane but has already happened in African countries.

I was part of the 1% that KNEW bitcoin would be world changing, but, after 3 and half years of being so stable, I kinda lost hope that it was gonna shoot up anytime soon. then in January 2017 when I saw it pass its old all time high I thought for sure there would be a major correction and I would buy back in. It never happened. Was gonna buy in at 2k canadian and got talked out of it by family instead of trusting my gut.


To anyone that "missed" the bitcoin train, I am now heavily trading alt coins and there is SERIOUS money to be made doing it. I bought Ripple at 25 cents and hardly a month later its at 3 bucks. I've made 150% overnight on certain coins... Sure, I've taken hits, but, all it takes is one good coin to make up for it. It is not uncommon at all to make 4x your money in days. You can then cash out your initial investment and a little profit, and hold all the rest and see if it really takes off. If it doesn't? You made money already and anything else is just gravy.

My friend with no prior knowledge to alt coin trading turned 50k into 500k in 4 months during 2017. There are stories of people turning a 1k investment into over a million in less then a year. One guy made 30mil off a $7500 investment in 10 months on coin called verge.

Pac coin was up 3000% in ONE WEEK. its absolutely insane the money being poured into the crypto market!

 

[EasyGoing]

@canadacannabis

Your friend with 10x is doing great! I try to 2x every 2-3 months. Then pump with fiat every chance I get

 

[HereIgrowagain]

How do I chuck a couple of hundred in to these coins the easy way, in the UK? Is it a simple matter or does it have to be complicated? Cheers in advance, you lot seem to know what ya talking about. It all seems latin to me, but I do like a little flutter.

 

[theJointedOne]

if btc is 30k by march 1st ill give you 1 ltc, if not, you give me 1 btc?

 

[Yard dog]

What about the Chinese govt? If any major state takes a stab at stabilizing BTC or another coin, I think that we'll see the currency angle once again rapidly overtake the commodity side. I expect both vigorous disruptive moves and intense efforts to stabilize crypto markets from large players soon.

Well they've had a go to stop exchanges there etc and now seem to be attacking the miners (though a bit of conflicting info there)