Bitcoin going well

[Adumbration]

27 minutes ago, Neeranam said:

Bitcoin was $3.5k just over 2 years ago and the usual haters are making a fool of themselves again. 

If you don't understand bitcoin, why are you so negative and hateful about it?

Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k. 

There is a worldwide recession coming and I know what I want to be holding in the coming years.  

 

I missed out on bitcoin at $3.5K.  But I will be buying lots next week at $2.5K.

[Sparktrader]

21 minutes ago, Hummin said:

It have been many “tulip bulbs” since then, and we should at least have learned something by now, but humanity continue on the same track as always. Holy ghosts Smoke gold and myrra

 

We just want a fear and earnest statement from all of crypto fans to admit, crypto is risky and  stupid placements, but you can if lucky and lucky make a fortune if you get in at the right time and out at the right time. We also would love to hear, BTC can collapse any time, but we still want to play the game and hope it survive a bit longer than it should. 
 

Last a confession that BTC is not really worth anything and we do not know who created BTC and why he/them/they created BTC and released it anonymously with a pseudonym 

Lots of tech shares not worrh anything

[Hummin]

Just now, Sparktrader said:

Lots of tech shares not worrh anything

And that explains why BTC should be worth 60k or more? 
 

 

[Sparktrader]

13 minutes ago, Hummin said:

And that explains why BTC should be worth 60k or more? 
 

 

Twitter pile of rubbish

Yet worth a stack

[Sparktrader]

Btc is currency in el salvador

[Sparktrader]

Why is a painting worth $50m?

[Lacessit]

1 hour ago, Neeranam said:

No indignation here, I'm just confused as why you replied to me. You seem to want to criticize crypto, and I'm not wanting any debate about if it's a good investment or not, especially from someone who says he doesn't understand it.  

 

I understand it well enough to stay out of it, if I wanted to gamble it would probably be less risky to play the slots at a casino, where I know the house takes 15%.

[Hummin]

Just now, Sparktrader said:

Why is a painting worth $50m?

If I spent my time working full time instead of wasting time here  the last 8 months I would had 100k usd or more in my pocket now. But Im soon rolling again, and will continue to make 15k usd every contract of 2 weeks a total of 166 hours again. 
 

I guess time to call it a day and log out and start doing something productive ????

[Neeranam]

36 minutes ago, impulse said:

With the cost of a bitcoin transaction being $100 of electricity, how can it not fail?  If not today, how about when it's 100% subscribed, and they can't award new "coin" to compensate the "miners" who use their electricity and their computing resources to facilitate the blockchain transactions?  At the very least, they'll have to issue more Bitcoin, diluting what's already out there.

Not sure why you are replying to me. 

 

This is one of the most ignorant posts here about Bitcoin, you really should educate yourself. 

[Neeranam]

1 minute ago, Lacessit said:

I understand it well enough to stay out of it, if I wanted to gamble it would probably be less risky to play the slots at a casino, where I know the house takes 15%.

Oh dear.

[Adumbration]

4 hours ago, RafPinto said:

30year loans in US now over 6%. A few weeks ago it was 3,XX% for 30 years.

Saw a forecast for someone paying 1200$ now, going up to 1950$

 

For those, who bought super inflated and now having to fork out much higher repayments.

Just wait and see a sharp correction.

As I have already posted Australian residential property market is the biggest bubble on the planet.  And that is not intended as a joke.  Lots of 30 year principal only investment property fixed term mortgages taken out at covid rates <3% over the next two years they will all reset to rates >7%.

 

As of last year the median mortgage was north of $550K.  

 

And these fixed term mortgage rates will be resetting just as China moves on Taiwan.

[Adumbration]

2 minutes ago, Neeranam said:

Oh dear.

Don't worry @Neeranam.  It is not enough @Lacessit well crypto is not for me.  He thinks that he can manage your life and money better than you can.  He probably worked in government.

[talahtnut]

13 minutes ago, Adumbration said:

I just bought a boat yesterday.  Is that classed as an asset.

If you buy right, you can make a profit, charter fees can be lucrative,

meanwhile they are a lot of enjoyment..win win.

I'll be adrift and lost off the east coast [UK] this weekend

with a box of tinnies.

 

[Grecian]

1 hour ago, Neeranam said:

Bitcoin was $3.5k just over 2 years ago and the usual haters are making a fool of themselves again. 

If you don't understand bitcoin, why are you so negative and hateful about it?

Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k. 

There is a worldwide recession coming and I know what I want to be holding in the coming years.  

 

What % of your net asset value is in crypto?

This is a genuine question. 

 

[Adumbration]

BOT is currently having the exact same problem for sure:

 

https://markets.businessinsider.com/news/currencies/us-dollar-rally-hong-kong-currency-peg-foreign-exchange-reserves-2022-6

 

I noticed a couple of days ago that the BOT left the cash rate unchanged at .50 at their last meeting.  I don't understand why the baht is not collapsing if the BOT are doing nothing to keep up with the Fed's tightening schedule.

 

All the makings of a financial crisis it would seem.

Edited June 14, 2022 by Adumbration

[dj230]

2 hours ago, Neeranam said:

Bitcoin was $3.5k just over 2 years ago and the usual haters are making a fool of themselves again. 

If you don't understand bitcoin, why are you so negative and hateful about it?

Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k. 

There is a worldwide recession coming and I know what I want to be holding in the coming years.  

 

Actually if there is a world-wide recession than the US dollar should go up since it will be the flight to safety currency. 

 

[Lacessit]

7 hours ago, Neeranam said:

Oh dear.

Celsius Network ring any bells? Oh dear indeed.

[Walker88]

One of the arguments crypto fans make is that 'fiat eventually goes to zero'.

 

While that is undoubtedly true, currently there are 180 different fiats in existence, so when are they going to zero? Obviously not as quickly as Luna.

 

Nobody knows when any fiat will die, but we calculate the probability based on some combination of current conditions, our expected lifespan, and simply inertia.

 

For those who don't think the $ will be around in 100 years, ask yourself this: will bitcoin be around in 100 years?

 

The same folks who eschew the dollar because it will eventually go to zero champion coins that are also likely to go to zero, and probably long before the dollar.

 

btc was an early mover in an industry with zero barrier to entry. Even fiat has a barrier to entry, as it is only for sovereign nations. ANYBODY can issue a coin, and as existing coins simmer, there are folks who see each coin's problems and then go to work devising a better coin with the currently known problems and inadequacies corrected.  So one has to assume, given the massive incentive of being an originator of a coin that takes off, that sooner rather than later somebody is going to conjure a better coin. In fact, so massive is the incentive (nice to be a multi billionaire like whoever Satoshi Nakamoto is), one can reasonably assume btc will be replaced and obviated long before the USD goes extinct.

 

Look at the barrier to entry of a fiat, particularly a reserve fiat: start a nation, build a massive economy, establish rule of law, create massive liquid markets, build a military to protect your homeland, etc. Looks pretty difficult. China has been trying, but they have that rule of law thing not quite worked out.

 

Now look at the barrier to entry for a better mousetrap, or coin: see the problems of existing coins, correct them, come up with a cutesy name and logo, get a WS guru or movie celeb to hype your creation, cash out into the hype. Not exactly easy, but a molehill compared to the Everest that is becoming a Reserve Fiat.

 

As the last few months have taught all who are paying attention: coins are not safehavens, coins are not inflation hedges, coins are not anonymous, and coins don't rise forever. Originators cash out into the hype. Perhaps there is a much better solution to any of the existing coins, and someone or many someones---with that massive incentive of being a billionaire---are working on it now and will come out with something that will send btc and eth and all other coins into that place now occupied by Lycos, MySpace, Enron, etc. That isn't even a Black Swan; it's a virtual certainty. Is it tomorrow? Maybe, maybe not, but surely it will arrive long before the dollar or euro evaporate.

 

Technology as well as algorithms improve with time. Many people had Betamaxes. Not anymore. Same with the Sony Walkman. Or Netscape. btc probably is to crypto what Betamax is to home entertainment. When is Netflix, Apple TV and Amazon Prime coming? Who really thinks the technology behind btc will last even as long as Betamax lasted? WHo wants to pay $69,000 for a Betamax? WHo wants to pay even $21,000, when any day the Netflix of crypto could be issued?

 

Incidentally, that dastardly USD is as high as it's been in years, while btc et al are tumbling every day.

Edited June 15, 2022 by Walker88

[placeholder]

13 hours ago, Neeranam said:

Bitcoin was $3.5k just over 2 years ago and the usual haters are making a fool of themselves again. 

If you don't understand bitcoin, why are you so negative and hateful about it?

Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k. 

There is a worldwide recession coming and I know what I want to be holding in the coming years.  

 

It's a widely shared opinion that a worldwide recession is coming. And yet, oddly enough, crypto's value is in a sharp decline. Does that tell you anything?

I think it tells us a lot about the rationality of your position that instead of addressing these issues, you reach for emotional explanations of criticisms. Calling critics "haters" and "hateful" and coming up with unbacked allegations about their motivations such as "Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k."

are not exactly indicative of rational thinking. 

[Hummin]

2 hours ago, Walker88 said:

One of the arguments crypto fans make is that 'fiat eventually goes to zero'.

 

While that is undoubtedly true, currently there are 180 different fiats in existence, so when are they going to zero? Obviously not as quickly as Luna.

 

Nobody knows when any fiat will die, but we calculate the probability based on some combination of current conditions, our expected lifespan, and simply inertia.

 

For those who don't think the $ will be around in 100 years, ask yourself this: will bitcoin be around in 100 years?

 

The same folks who eschew the dollar because it will eventually go to zero champion coins that are also likely to go to zero, and probably long before the dollar.

 

btc was an early mover in an industry with zero barrier to entry. Even fiat has a barrier to entry, as it is only for sovereign nations. ANYBODY can issue a coin, and as existing coins simmer, there are folks who see each coin's problems and then go to work devising a better coin with the currently known problems and inadequacies corrected.  So one has to assume, given the massive incentive of being an originator of a coin that takes off, that sooner rather than later somebody is going to conjure a better coin. In fact, so massive is the incentive (nice to be a multi billionaire like whoever Satoshi Nakamoto is), one can reasonably assume btc will be replaced and obviated long before the USD goes extinct.

 

Look at the barrier to entry of a fiat, particularly a reserve fiat: start a nation, build a massive economy, establish rule of law, create massive liquid markets, build a military to protect your homeland, etc. Looks pretty difficult. China has been trying, but they have that rule of law thing not quite worked out.

 

Now look at the barrier to entry for a better mousetrap, or coin: see the problems of existing coins, correct them, come up with a cutesy name and logo, get a WS guru or movie celeb to hype your creation, cash out into the hype. Not exactly easy, but a molehill compared to the Everest that is becoming a Reserve Fiat.

 

As the last few months have taught all who are paying attention: coins are not safehavens, coins are not inflation hedges, coins are not anonymous, and coins don't rise forever. Originators cash out into the hype. Perhaps there is a much better solution to any of the existing coins, and someone or many someones---with that massive incentive of being a billionaire---are working on it now and will come out with something that will send btc and eth and all other coins into that place now occupied by Lycos, MySpace, Enron, etc. That isn't even a Black Swan; it's a virtual certainty. Is it tomorrow? Maybe, maybe not, but surely it will arrive long before the dollar or euro evaporate.

 

Technology as well as algorithms improve with time. Many people had Betamaxes. Not anymore. Same with the Sony Walkman. Or Netscape. btc probably is to crypto what Betamax is to home entertainment. When is Netflix, Apple TV and Amazon Prime coming? Who really thinks the technology behind btc will last even as long as Betamax lasted? WHo wants to pay $69,000 for a Betamax? WHo wants to pay even $21,000, when any day the Netflix of crypto could be issued?

 

Incidentally, that dastardly USD is as high as it's been in years, while btc et al are tumbling every day.

When you have a government regulated coin, then you have a legal coin and a entry. There is no entry yet by any coin.

[scubascuba3]

Still in free fall 

Edited June 15, 2022 by scubascuba3

[Sparktrader]

1 hour ago, scubascuba3 said:

Still in free fall 

Which is good if people want to buy this year.

 

Shares are getting thumped a bit.

[Lacessit]

7 hours ago, placeholder said:

It's a widely shared opinion that a worldwide recession is coming. And yet, oddly enough, crypto's value is in a sharp decline. Does that tell you anything?

I think it tells us a lot about the rationality of your position that instead of addressing these issues, you reach for emotional explanations of criticisms. Calling critics "haters" and "hateful" and coming up with unbacked allegations about their motivations such as "Is it because you missed out buying it and are self-righteously trying to convince yourself that you made the right decision to not buy BTC 10 years ago or even 5 years ago when it was $1-2k."

are not exactly indicative of rational thinking. 

Spot on. What I find incredible is crypto fanciers trying to convince themselves and others crypto is an investment when the facts say otherwise.

I buy and sell shares, a few have been 5 or 10 cent stocks where I can make a tidy profit if they double or triple in value on good news. Others I buy because they are sound businesses which generate dividend income for me. Those are investments to me.

Having said that, with the penny stocks I don't try to kid myself I am doing anything else but gambling. The belief system of crypto buyers refuses to accept that fact.

 

[Adumbration]

Well I see ambulance chasing journalism like this and I think it if actually time to buy back in to crypto.   I notice that four corners has a similiar sky has fallen piece:

 

 

[Hummin]

Why is it rich people always comes out on top, while normal middle-class and poor people always ending up paying for the recessions that appears now and then? Rich people gamble only what they can afford to loose, and always have resources to buy when everyone have lost everything. 

 

Always been like that, bitcoins or any crypto is not going to change that.

[Gecko123]

A few moments ago...

(2:10 PM 6-18-22 Thai time)

 

19,446.09-1,458.33(-6.98%)

As of 07:04AM UTC. Market open

 

These whipsaw price movements really take my breath away.

 

 

Edited June 18, 2022 by Gecko123

[Walker88]

On 6/15/2022 at 12:02 PM, Adumbration said:

Well I see ambulance chasing journalism like this and I think it if actually time to buy back in to crypto.   I notice that four corners has a similiar sky has fallen piece:

 

 

When something is cratering like btc, the term is 'trying to catch a falling knife'

 

When it first broke below $40K, folks on different forums were saying "I'm buying more here". The same was said as various stops on the way down. It's $19,250 right now, so if those folks bought, then got hammered.

 

Sometimes it is best to 'let it breathe', even if one is fond of the entity. There were 'ambulance chasing journalists' in early 1990 when the Nikkei fell from 38,915.87 to near 30,000. They were right, however, as it continued to fall for years and fell below 8,000.  32 years later the ATH of 28-12-1989 still holds.

 

When the Dow crashed in 1929, it took until 1954 to set a new high, and that was only because the bankrupt companies were replaced in the index. A term arose from that time which folks still parrot, even though it was dead wrong ("Buy when there's blood in the street"). There was blood in the street, as folks jumped, but that was nowhere near the end of the bear market.

 

When the Hunts and Saudis gave up the ghost on Au/Ag in April 1980, it was 31 years before a new high, and $48 Ag fell to $3, $800 Au to around $270 in the interim.

 

Those things were either collections of productive enterprises, or else re the metals, something with a few thousand years of affection supporting it. It still took years and years to recover. I still think that even if any crypto survives, it will be one that corrects for what ails bitcoin, just as Google bettered Lycos, Facebook bettered MySpace, etc.

 

When speculative frenzies end, it varies from 'years' to 'never' to reach new highs. Whether btc $69K was the end of a speculative frenzy or not remains to be seen. I think it was, but that's why there are markets: opinions differ.

 

(ETH is bouncing off $1000. One try so far. Usually the 3rd try does it, and if it holds, a good bounce higher results.)

[dinga]

On 6/14/2022 at 9:45 PM, Adumbration said:

I just bought a boat yesterday.  Is that classed as an asset.

Sadly - from experience - NO (old saying is correct that a boat is a hole in the ocean, into which you throw money)

 

[steven100]

Bitcoin getting hammered .....

 

[DezLez]

On 6/18/2022 at 3:24 PM, Walker88 said:

There was blood in the street, as folks jumped,

No they did not!

That is an urban myth!

1929 Stock Market Crash: Did Panicked Investors Really Jump From Windows? - HISTORY