21 replies to this topic

[MikeyG]

 

Regulatuon is needed

nuff said.

 

 

 

What?! Regulation is needed on everything. That includes everything you own. 

 

Regulation is a good thing, it means worldwide adoption. 

[MikeyG]

There is no property you can own without regulation, not one. 

 

Real estate- definitely not

Precious metals- no

Stocks and bonds- no

 

There isn't one. 

 

Sounds like to me you just want to be a naysayer without a legitimate argument. 

[MikeyG]

 

 

Sounds like to me you just want to be a naysayer without a legitimate argument. 

 

Which is okay, not trying to poke at you. 

 

There are some naysayers out there. 

 

It just means we are still early on in adoption curve and there plenty of room to run, 

[MDurkin]

 

I am eyeing BITO. Not sure when Bitcoin bottoms if we go into recession.

Looking at the charts, I think the bottom is in. BITO is good, it is the futures of a Bitcoin ETF, it tracks Bitcoin fairly well.

 

I use a 4 day chart with a 10/18 moving average. Currently the the 10 is below the 18. I need the cross over for a buy. My concern is that Bitcoin has not been tested in a recession since it came out of the GR in 2008.  Good luck with the trade.

[12SPX]

I have a legitimate one...  I've heard on the news lots about scams but not what I care about.  Bitcoin or any cryptos is like saying look at my pretty tulip, its worth $28,000.  Hmmmmm what can it be used for, what "real" value does it have, can I dig a hole with it.  Can I buy a cup of coffee with it, without having to pay a "miner" or who is actually a broker like $50.  If it was really person to person I could see it but its not, just another way for people to make money and a pyramid scheme to inflate it and the first person in wins.  Like I say if it was truly a currency there would be no middle man making me pay to use it.  The second the Fed were to release their digital coin, boom bitcoin could move to $0.  Now being a trader I have traded it alot when it was higher shorting it over and over again and would consider buying it around $12,000 but just for another trade.  Bitcoin has zero value its just another trading vehicle to make money and right now its overvalued in my view.  Yes there is only a certain amount but the reason its not rocking higher is because they just keep splitting them off to smaller and smaller amounts.  Anyhow don't know enough about it but just because of the "miner" thing it tells me right away that its not a true new currency.

[MikeyG]

I have a legitimate one...  I've heard on the news lots about scams but not what I care about.  Bitcoin or any cryptos is like saying look at my pretty tulip, its worth $28,000.  Hmmmmm what can it be used for, what "real" value does it have, can I dig a hole with it.  Can I buy a cup of coffee with it, without having to pay a "miner" or who is actually a broker like $50.  If it was really person to person I could see it but its not, just another way for people to make money and a pyramid scheme to inflate it and the first person in wins.  Like I say if it was truly a currency there would be no middle man making me pay to use it.  The second the Fed were to release their digital coin, boom bitcoin could move to $0.  Now being a trader I have traded it alot when it was higher shorting it over and over again and would consider buying it around $12,000 but just for another trade.  Bitcoin has zero value its just another trading vehicle to make money and right now its overvalued in my view.  Yes there is only a certain amount but the reason its not rocking higher is because they just keep splitting them off to smaller and smaller amounts.  Anyhow don't know enough about it but just because of the "miner" thing it tells me right away that its not a true new currency.

Yes, you can buy a cup a coffee with Bitcoin without paying a miner $50.

I do not see Bitcoin as a currency though, although it can be used that way. I see it as a store of value. It is the only property in the world that as the price goes up, more is not produced.

As far as not having "real" value, neither does paper fiat currency, well, I guess you could make a paper airplane out of a twenty dollar bill.

If a CBDC is issued, that is bullish for Bitcoin as these currencies are used to manipulate and control bank accounts and the people at large. In China, they already control their people and have access to there bank accounts. Bitcoin fixes that as well.

Edited by MikeyG, 05 October 2023 - 05:48 PM.

[MikeyG]

https://m.youtube.co...2FlbCBzYXlsb3I=

[MikeyG]

Double post.

Edited by MikeyG, 05 October 2023 - 06:29 PM.

[pdx5]

Why Bitcoin is loitering at half of its high from just a few months back?

George Washington's wooden teeth are extremely limited supply. 

Is something precious simply because it's supply is limited?

FWIK there has to be demand for rare items to become precious.

Gold is precious for many reasons. It makes beautiful jewelry and never rusts. 

Every ounce of gold mined from thousands of years ago is still as pure as ever. 

Ditto with diamonds. 

Why should I trust people who claim to keep supply of Bitcoin limited?

Which law prohibits then from increasing the supply?

Just asking questions 

[MikeyG]

Why Bitcoin is loitering at half of its high from just a few months back?

George Washington's wooden teeth are extremely limited supply. 

Is something precious simply because it's supply is limited?

FWIK there has to be demand for rare items to become precious.

Gold is precious for many reasons. It makes beautiful jewelry and never rusts. 

Every ounce of gold mined from thousands of years ago is still as pure as ever. 

Ditto with diamonds. 

Why should I trust people who claim to keep supply of Bitcoin limited?

Which law prohibits then from increasing the supply?

Just asking questions 

 

Bitcoin is very much in secular bull market gaining on average 140% per year since it's existence 14 years ago. That being said, since it a scarce and money is not, there are cyclical patterns.  When the money supply increased during Covid, there was Bitcoin boom. Now that the money supply has pulled back a bit so has Bitcoin. 

 

But let me step back a bit here. We are 33T in debt and we go in debt about 2M per minute. We are going to have to either tax the people at rate so high or inflate the currency. There is no other way out of this. So, it seems the path that we are choosing is to inflate the currency, which is the path most governments choose, due to tax revolt and not getting the votes to stay in power. So, it much easier for the people in power to inflate the currency. To keep pace and not lose money over time, you have to pick an asset that will outpace inflation- precious metals, bonds, stocks or Bitcoin. I see Bitcoin as the best choice. 

 

I agree gold is a nice option, but I think Bitcoin is better for various reasons. 

 

If you kill me, you can't steal it. 

It not as easily confiscated. 

It's portable- I can carry Bitcoin across an ocean with a password in my head.

I cannot be faked, unlike gold. 

It is limited supply, unlike gold. 

It easier to transact with. 

 

I have to run, but I will post some links on why the supply is capped at 21 million coins later today. 

 

Lastly, Bitcoin is not tangible, but as long as it accepted, that makes anything valuable, this includes gold. 

 

People have accepted seashells as money or right now a piece of paper that can printed over and over.