Is Bitcoin going to zero?

[StandardIssue]

On 6/18/2022 at 10:07 PM, Sparktrader said:

1987 crash

1994 correction

2001 correction

2008 crash

2015 correction

2022 correction?

2029 crash??? (100 yrs from 1929 crash)

 

 

Anyone spot the trend???

 

I

 

You mean the stock market is cyclical? What? really? Thanks for schooling us LOL !!!!

[John Drake]

11 hours ago, pacovl46 said:

Forget about crypto and buy physical silver and/or gold! Much safer and much more stable.

 

Unless your gold turns out to be tungsten.

[John Drake]

11 hours ago, pacovl46 said:

It's a long term investment and you can sell it at any gold shop, if you ever needed the money!

 

Gold shops only buy at a huge discount to the spot price.

[John Drake]

Gold deposits of 31 million tons in Uganda alone. There is always plenty of new gold to be found, inevitably pushing the price lower.

 

https://www.reuters.com/article/markets/currencies/uganda-says-exploration-results-show-it-has-31-million-tonnes-of-gold-ore-idUSKBN2NP16Y/

[john donson]

gold, diamonds... artificially kept high, diamonds by keeping the surplus out of circulation...

 

 

[pacovl46]

15 hours ago, mdr224 said:

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

Because precious metals are stable and crypto isn't. How many people lost everything on crypto and how many have lost everything on gold? Even, if you had bought gold at the hight of the financial crisis back in around 2010, after which the gold price went down quite a bit again as expected, you're well in the black now. One day it's, 50K the next day Musk puts out a statement and it drops by 20K. Screw that. Also, just for the sake of the argument, if society were ever to break down and gets a restart, you're crypto as well as your shares will be gone forever, while you could just dig up your gold when society is back up and it will have substantial value. 

[pacovl46]

4 hours ago, John Drake said:

 

Gold shops only buy at a huge discount to the spot price.

That's normal for coins and bars because they have to be minted, so you'll always pay a premium when you buy and the gold shop has to earn a crust as well. Back during my days in Thailand the difference wasn't that much. Of course, if you sell larger quantities, it's gonna add up. Still way less volatile than crypto and gold will definitely hold most of its value/go up in value, if you hold on long enough, while that's not a given with crypto.

 

If someone like Musk ir Gatea would put put a statement today that they don't trust bitcoin anymore and sold everything they had, the price would drop significantly and I just don't want to invest in something that can be manipulated to such a degree by just one person.

 

But hey, to each their own. In the end it's your money and your decision.

Edited August 20 by pacovl46

[goldenbrwn1]

Panic stations! 4 year cycle is still in play. People have short memories , Covid was the end of the world last time and we all saw what happened after that! I’m was heavy into crypto then and bought that dip. October I think will be the turning point and the US elections . Mid to end of 25 ,bear back in play. Do not get greedy and bag hold through the bear 👍 

Edited August 20 by goldenbrwn1

[acepredator]

On 6/18/2022 at 7:36 PM, Adumbration said:

I predicted to a friend last week that I think it will find a floor around 10KUSD.  If you look at the life time graph that looks about right.  My friend argued tooth and nail with me that it would not drop below 20K.

 

What do you think....and why?

I think that, regrettably, I lack the power to predict what future events will come to pass. I also think that you lack this same power. The reason why is that, as humans, we do not and cannot know what will happen five minutes from now, never mind five or fifty or five hundred years in the distant future. Why would you waste time submitting such a nonsensical post?