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bitcoins

Bump. I have standing buy orders down at every 1k lower. 500 dollars at each level into the 20k area. In addition to my daily recurring buy. Coincidentally tonight is Bitcoin Redding meet up if anyone is around. Fall River Brewing Co. We have 91 members of all walks of life. Bankers, financial advisors, jet pilots, app developers, construction workers, nurses..... Everyone is invited.
 
Brutal.

[YOUTUBE]0AAUrMuMPlo[/YOUTUBE]
 
"Ponzi schemes are bad. Bitcoin is a Ponzi scheme. Because I say so. See, they make memes about it. There's a Dogecoin. Such fraud. So Ponzi."

All he does is make a bunch of associations between Ponzi schemes, which are criminal enterprises where a central controlling authority or individual creates the illusion of profit growth by paying out older investors with the funds from newer investors, and Bitcoin, which is a virtual asset which is fungible into every currency on Earth, and whose value is determined by what the market is willing to pay for it, not the whims of any central controlling anything.

Sure, it's a bunch of words that sound really scary. But, being as Bitcoin is not a Ponzi scheme by the very nature of what it is- a market exchanged value store driven by a consensus network- it's not valid.
 
You're right, ponzi is a crude analogy at best.

A better analogy is that bitcoin/crypto is a religion at best, a cult of nihilistic gambling addicts at worst. Blockchain technology is 10+ years old and has yet to demonstrate any practical commercial value. In the event that fiat currencies collapse and social unrest ensues, it's highly unlikely that anyone will consent to bitcoin oligarchs emerging to lead the world. But none of that matters because holding crypto is not about reason, it's ultimately an exercise of faith. So as the fanatics (and cynics that are trying to ride the train) grow in number, the price grows.

At some point tulips become yesterday's news, and all the HODLers take the slow elevator back to the basement they came from. It's hard to say when that point will arrive.
 
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mercurial said:
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At some point tulips become yesterday's news, and all the HODLers take the slow elevator back to the basement they came from. It's hard to say when that point will arrive.
Click to expand...

Generally agree, but markets and fads tend to be cyclical, and the charts suggest that tulips are about ready to moon again.
 
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Bowling4Bikes said:
Not an expert, so I'm more of a disciple I guess, haha.

The Helium network and Lime scooters come to mind. so, telecommunications for one. Particularly relaying small amounts of data from IoT devices much cheaper than standard means. This opens up the floodgates to a lot more. Like geolocation of scooters.

https://www.forbes.com/sites/hanktu...ooters-and-nestle-as-clients/?sh=5ea7a793f852
Click to expand...

An IoT plan from a provider like TMobile is something like $6/year.
 
panthera said:
Bump. I have standing buy orders down at every 1k lower. 500 dollars at each level into the 20k area. In addition to my daily recurring buy. Coincidentally tonight is Bitcoin Redding meet up if anyone is around. Fall River Brewing Co. We have 91 members of all walks of life. Bankers, financial advisors, jet pilots, app developers, construction workers, nurses..... Everyone is invited.
Click to expand...

thanks for the invitation. How did the meeting go? any interesting tidbits for us digital asset religious fanatics?
 
cheez said:
"Ponzi schemes are bad. Bitcoin is a Ponzi scheme. Because I say so. See, they make memes about it. There's a Dogecoin. Such fraud. So Ponzi."

All he does is make a bunch of associations between Ponzi schemes, which are criminal enterprises where a central controlling authority or individual creates the illusion of profit growth by paying out older investors with the funds from newer investors, and Bitcoin, which is a virtual asset which is fungible into every currency on Earth, and whose value is determined by what the market is willing to pay for it, not the whims of any central controlling anything.

Sure, it's a bunch of words that sound really scary. But, being as Bitcoin is not a Ponzi scheme by the very nature of what it is- a market exchanged value store driven by a consensus network- it's not valid.
Click to expand...

Bitcoin is not a market exchange value store, it's a market exchange consensus driven currency, something vastly different. A value store, by definition, stores value. Which is pretty damn hard to do. Bitcoin does not store or guarantee value, it only guarantees that you will get whatever the current market consensus price is.
 
Bitcoin has had a rough 2022 so far, back down to $42,904 (at the moment).

Is this just paralleling the broader market?

I have no doubt it will go up again, it definitely seems cyclic and dependent on headlines.
 
Climber said:
Bitcoin has had a rough 2022 so far, back down to $42,904 (at the moment).

Is this just paralleling the broader market?

I have no doubt it will go up again, it definitely seems cyclic and dependent on headlines.
Click to expand...

If you want to know what's actually going on, watch what the whales are doing. Some have switched back to accumulation recently. None are moving mass quantities out of their portfolios. It may continue downward, but it'll only get to a point of hurting new retail (2020+) unless there's a major outside catalyst.
 
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Climber said:
Bitcoin has had a rough 2022 so far, back down to $42,904 (at the moment).

Is this just paralleling the broader market?

I have no doubt it will go up again, it definitely seems cyclic and dependent on headlines.
Click to expand...

There have been a lot of government attacks on Bitcoin in nations where mining has been focused, resulting in a lot of sell pressure from those impacted who need to convert their to-be-illegal BTC for local fiat. That's been driving the price down for a while now. Once all of that fiat flight is priced in we'll see the price trend higher.
 
cheez said:
There have been a lot of government attacks on Bitcoin in nations where mining has been focused, resulting in a lot of sell pressure from those impacted who need to convert their to-be-illegal BTC for local fiat. That's been driving the price down for a while now. Once all of that fiat flight is priced in we'll see the price trend higher.
Click to expand...

Or lower
 
afm199 said:
Or lower
Click to expand...

Bet pinks on it? I've got a '97 Katana 600 I'll put up on a bet that 1/13/2023 BTC/USD is higher than $42,638.31. Got something of equivalent value to offer? (Feel free to make derisive comments about the offer, rather than taking it. It tells us where you stand. :D )
 
cheez said:
Bet pinks on it? I've got a '97 Katana 600 I'll put up on a bet that 1/13/2023 BTC/USD is higher than $42,638.31. Got something of equivalent value to offer? (Feel free to make derisive comments about the offer, rather than taking it. It tells us where you stand. :D )
Click to expand...

Nahh, thanks. Nice bike, interesting that you assumed I'd make derisive comments.

Bitcoin is like any investment. Nobody knows where it will end up at any given time.
 
Many investors think we're nuts to get into btc and other digital assets. IMO this could be great news for us as early adopters. Or they could be right. Investing in bitcoin is not a guarantee of making money. Never invest what you can't afford to lose, no matter what you are investing in. Some things I considered when thinking about continuing to hold and buy bitcoin:

in one year, there are 20 million new bitcoin wallets: https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/

the circulating supply of bitcoin increased 300k: https://www.statista.com/statistics/247280/number-of-bitcoins-in-circulation/

even though many exhanges have been created and/or have picked up btc for their clients to buy, and 300k more btc has been created in 2021, the total amount of bitcoin available on all exchanges has actually decreased 300k (leaving roughly 6-7% of total supply available to purchase): https://www.coinglass.com/Balance

to recap: higher demand, miners and owners are buying but not selling, lower supply available for purchase

This isn't a guarantee that btc will go up. Make your own conclusions.
 
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