Is Bitcoin going to zero?

[John Drake]

18 minutes ago, spidermike007 said:

I agree. But, it will happen. It always does. The real estate market has been cyclical for at least 100 years. Every 15 years or so it drops. This one will be far more severe than in 2007-2010. Many good reasons for that.

 

In the US, mortgage applications have fallen by 28% from their peak, new home sales are down by 17% and housing starts have dropped by 13%, said Neil Shearing, chief economist at Capital Economics in a new research note. A similar story is playing out in the UK, Canada, Australia, New Zealand, and Sweden.

 

 

 

A real estate correction will never happen as long as Blackstone and the like keep stepping in to buy individual homes and corner the rental market. Something of this scale is new and never has happened before. 

[Skeptic7]

On 6/18/2022 at 8:02 PM, JeffersLos said:

I think you don't know anything about the topic.

But he's asking what you think❗🤣

[StandardIssue]

You know the disappointing thing about all the posts here is that I doubt anybody posting actually even has rudimentary knowledge of  how the Bitcoin network functions, what BTC actually is, how one possesses BTC, how transactions are executed, what a blockchain is and how it works etc.

 

Blockchain technology is extremely innovative and along with AI will be playing a central function in the lives of everyone on the planet in the not to distant future. It already is in many ways.

 

 

Edited August 19 by StandardIssue

[ukrules]

48 minutes ago, StandardIssue said:

You know the disappointing thing about all the posts here is that I doubt anybody posting actually even has rudimentary knowledge of  how the Bitcoin network functions, what BTC actually is, how one possesses BTC, how transactions are executed, what a blockchain is and how it works etc.

 

You would be quite wrong to think that.

 

[Yellowtail]

2 hours ago, spidermike007 said:

I agree. But, it will happen. It always does. The real estate market has been cyclical for at least 100 years. Every 15 years or so it drops. This one will be far more severe than in 2007-2010. Many good reasons for that.

 

In the US, mortgage applications have fallen by 28% from their peak, new home sales are down by 17% and housing starts have dropped by 13%, said Neil Shearing, chief economist at Capital Economics in a new research note. A similar story is playing out in the UK, Canada, Australia, New Zealand, and Sweden.

 

 

But Harris is promising $25K grants for first time home buyers, that will prop it up for a while. 

 

Probably make it available for illegals as well. 

 

 

[John Drake]

5 hours ago, Hummin said:

What value do bitcoin have? Zero, zero value, there is nothing there without faith and a cult who keeps it alive and hangarounds who stay like religion until something new shows up. 

 

What is the difference between what you say about btc and gold? People only amass gold because people have always amassed gold. What is there intrinsically that makes gold valuable? Some jewelry, yes. Perhaps some technological applications. Otherwise, it's only valuable because people agree it's valuable. And they're finding more and more of the stuff all the time. In the 14th century, Mansa Musa dropped so much gold on the world that the price was depressed for a dozen years. Personally, I like gold coins, their feel and their weight. But there is no reason for one item (gold) to be valuable and the other (BTC) not. That wasn't true at the beginning. But it seems to me that so many people are invested in the BTC system wide that it's like those people who buy Apple products and can never go to another brand because of their ongoing investment. BTC hit critical mass, I think. Ultimately, it's advantage over gold is portability, storage, and immediate conversion. (Go to a gold dealer and ask for the current spot price in gold and watch him only offer a good slice off it.) At least with BTC you get the real price executed, instead of being stonewalled by gold dealers only willing to give you $100 or more less per ounce than the spot price.

[BobBKK]

This is a strange topic—a better one would be, 'Is Crypto going downwards?' The answer is NO, but as it's pioneering, it is a rocky road. The ability to eventually lose banks and have instant, secure transactions, has to be a part of the future imho.

[JeffersLos]

1 hour ago, Skeptic7 said:

But he's asking what you think❗🤣

 

Yes. And I answered what I think.

 

"I think you don't know anything about the topic."

 

🙂

[bubblegum]

https://en.wikipedia.org/wiki/Tulip_mania

 

People follow people who follow other people to invest.

[ukrules]

7 minutes ago, bubblegum said:

https://en.wikipedia.org/wiki/Tulip_mania

 

People follow people who follow other people to invest.

Ah yes, the old Tulip Bubble, lasted a short while once, the prices of these bulbs went through the roof, then crashed and never, ever recovered.

There is a slight difference with Bitcoin

 

In the early days Bitcoin went on a massive parabolic rally from literally $0.00 to about $32 depending on who/where you purchased it.

Then it crashed back down to 1 cent - now that's where the story for tulips ended as after they crashed they never did recover. The market decides.

Bitcoin however went on to reach new highs within a year and in 2013 it first 'topped' out at around $260 before crashing back down to $50, then it did it again but more than $1000 and it kept doing it over many years.

The Tulip comparison at this point is completely retarded due to the above.

 

[Skeptic7]

2 hours ago, JeffersLos said:

 

Yes. And I answered what I think.

 

"I think you don't know anything about the topic."

 

🙂

Ha! 😆 Got it. 👍

[pacovl46]

Forget about crypto and buy physical silver and/or gold! Much safer and much more stable. Crypto is way too volatile!

[mdr224]

4 minutes ago, pacovl46 said:

Forget about crypto and buy physical silver and/or gold! Much safer and much more stable. Crypto is way too volatile!

Cant send physical gold to anyone in the world in an instant, cant get it thru the airport. Inconvenient to carry and store. Theres no reason for anyone to hold gold anymore

[mdr224]

When bitcoin is pushing towards 100k around the elections, i will revisit this thread

[pacovl46]

4 minutes ago, mdr224 said:

Cant send physical gold to anyone in the world in an instant, cant get it thru the airport. Inconvenient to carry and store. Theres no reason for anyone to hold gold anymore

It's a long term investment and you can sell it at any gold shop, if you ever needed the money! Still a much better option than the Rollercoaster price hikes and drops of crypto! 

 

Also, there's lots of companies like PayPal that facilitate money transfers at much better rates than banks. 

Edited August 19 by pacovl46

[mdr224]

1 minute ago, pacovl46 said:

It's a long term investment and you can sell it at any gold shop, if you ever needed the money! Still a much better option than the Rollercoaster price hikes and drops of crypto! 

Bitcoin is up like a million percent since it was created in 2009. Gold is up maybe 50 percent since then. Gold is a fine inflation hedge but if you like having more money why would you choose gold over bitcoin? Makes no sense

[Hummin]

3 hours ago, John Drake said:

 

What is the difference between what you say about btc and gold? People only amass gold because people have always amassed gold. What is there intrinsically that makes gold valuable? Some jewelry, yes. Perhaps some technological applications. Otherwise, it's only valuable because people agree it's valuable. And they're finding more and more of the stuff all the time. In the 14th century, Mansa Musa dropped so much gold on the world that the price was depressed for a dozen years. Personally, I like gold coins, their feel and their weight. But there is no reason for one item (gold) to be valuable and the other (BTC) not. That wasn't true at the beginning. But it seems to me that so many people are invested in the BTC system wide that it's like those people who buy Apple products and can never go to another brand because of their ongoing investment. BTC hit critical mass, I think. Ultimately, it's advantage over gold is portability, storage, and immediate conversion. (Go to a gold dealer and ask for the current spot price in gold and watch him only offer a good slice off it.) At least with BTC you get the real price executed, instead of being stonewalled by gold dealers only willing to give you $100 or more less per ounce than the spot price.

Gold had a physical value for more than 6500 years and even used as trade prop before that, so time will show how valuable BTC will be in future. 

[Hummin]

6 minutes ago, mdr224 said:

When bitcoin is pushing towards 100k around the elections, i will revisit this thread

Well, if Btc pushing 100k, it is a stamp on most peoples intelligence who trade btc  😃

[mdr224]

3 minutes ago, Hummin said:

Well, if Btc pushing 100k, it is a stamp on most peoples intelligence who trade btc  😃

Smart people dont trade btc they hold it

[Hummin]

2 minutes ago, mdr224 said:

Smart people dont trade btc they hold it

Those who made most out of it, constantly buying and selling on dips and highs.

 

It was a joke

 

But to make something non physical without value to have value is clever. For those who buy in to it, well, if you have money to loose, fine, but to me it looks like a digital pyramid with high risk

[mdr224]

Just now, Hummin said:

Those who made most out of it, constantly buying and selling on dips and highs.

 

It was a joke

 

But to make something non physical without value to have value is clever. For those who buy in to it, well, if you have money to loose, fine, but to me it looks like a digital pyramid with high risk

The value is that it always works, the transactions are faster than bank transfers. You dont have to trust anyone, you are in control of your finances.

 

you no longer have to wait 5 days to wire funds from your home country to a thai bank account, with bitcoin its done in 15 minutes.

 

can gold do any of this?

[mdr224]

Bitcoin effectively makes both gold and banks obsolete 

[Hummin]

7 minutes ago, mdr224 said:

Bitcoin effectively makes both gold and banks obsolete 

Nope, it needs government backing, and so far no btc is backed by any governments. Trading with btc is only possible because governments allows it. 

[mdr224]

1 minute ago, Hummin said:

Nope, it needs government backing, and so far no btc is backed by any governments. Trading with btc is only possible because governments allows it. 

Governments cant do anything about it. Chinas government tried banning it multiple times. Its really the most ingenius invention to take power back from the elites who control the worlds money supply

[honcho]

On 6/19/2022 at 1:46 AM, Doctor Tom said:

Bitcoin, and its like, is a confidence, almost a fantasy proposition.  It has no intrinsic value and is not tied to any kind of financial  measures that can give investors any kind of reassurance, in other words, its more of a gamble that a reality.  While people think that it exists,  then it does exist,  The moment that they think that it doesn't exist, then it will disappear in a blaze of smoke and despair .  It is impossible to predict its future, as normally accepted economic drivers do not seem to be an influence on value. even over a short period, it could rise to unprecedented levels on a wave of blind confidence and speculation, or it could just as easily disappear, almost over night. To me, its an unjustified gamble, a bit like derivatives, or spread betting.  I would put them all in the same set.  This is, of course, a very personal view. 

a sane voice amid the madness !

[mdr224]

10 minutes ago, honcho said:

a sane voice amid the madness !

Everything you quoted could also be said about the us dollar or any other fiat currency

[bubblegum]

7 hours ago, ukrules said:

Ah yes, the old Tulip Bubble, lasted a short while once, the prices of these bulbs went through the roof, then crashed and never, ever recovered.

There is a slight difference with Bitcoin

 

In the early days Bitcoin went on a massive parabolic rally from literally $0.00 to about $32 depending on who/where you purchased it.

Then it crashed back down to 1 cent - now that's where the story for tulips ended as after they crashed they never did recover. The market decides.

Bitcoin however went on to reach new highs within a year and in 2013 it first 'topped' out at around $260 before crashing back down to $50, then it did it again but more than $1000 and it kept doing it over many years.

The Tulip comparison at this point is completely retarded due to the above.

 

Only pointing out the first ever bubble does not make me retarded thank you very much. Your mama not teach you manners?

[mdr224]

15 hours ago, spidermike007 said:

It's not an easy thing to predict, however one thing is for sure the economy is headed for a massive correction. Not just crypto but the stock market and the real estate market too. Most commodities will drop in value, how far they will drop is anyone's guess. If I had to guess I would say around $20,000 for Bitcoin and I could see the Dow dropping to 5,000. I think real estate prices will come down by at least 50% worldwide, over the next few years.

 

Gone are the days of long term investments. Everyone I know who is making money, is getting in and out and back in, at the right time. Static investing does not work anymore in this unstable economic environment. That will be especially so in the months and years ahead, where we are inevitably going to see massive turmoil, market swings and hyper inflation.

 

It's a very, very good time to be cash heavy, there are going to be major opportunities in the next few years, now is not a good time to be buying. 

You couldnt be more wrong. Being cash heavy means losing purchasing power due to inflation. Bitcoin will decouple from the stock market and when hyperinflation does occur bitcoin will be what people will park their dollars in. Time in the market beats timing the market. You can be sitting on the sidelines and the opportunity to buy will pass you by.

Edited August 19 by mdr224

[StandardIssue]

13 hours ago, ukrules said:

 

You would be quite wrong to think that.

 

 

 

What's actually even more surprising is a good portion of the people posting don't even understand what FIAT currency is and their complaint/argument that Bitcoin is it is not "real" money. That shows a complete lack of understanding and ignorance of the basic concept of money. Therefore most who post here are full of hot air and not contributing anything meaningful to this bombastic OP. .. I will not participate..

 

Sophomoric conclusions and comments.

Edited August 20 by StandardIssue

[StandardIssue]

14 hours ago, ukrules said:

 

You would be quite wrong to think that.

 

Ok, describe to me what the difference between CEX crypto possession and possesion in a wallet like Trust wallet is.