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?

[ubonr1971]

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?

Hi, Have you checked the price today?? All time highs above usd75,000. Trump will probably add it to the balance sheet of his new government. How do you feel about that. Do you think btc will go below 10k to zero..... haha.  or above 100kusd.....

[owl sees all]

On 8/20/2024 at 10:46 AM, John Drake said:

 

Unless your gold turns out to be tungsten.

Good point.

 

Stay away from those special deals from West Africa. And those; 'buy a kilo, get a kilo free,' from India, are not often  the bargain they seem to be.

[ubonr1971]

On 8/20/2024 at 6:51 PM, goldenbrwn1 said:

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 👍 

Well said sir. 

[jas007]

My gut feeling tells me it's worthless.  I have some, though, but I bought it along with some other cryptos years ago. 

 

Would I buy some now?  No.  Maybe on an extreme pullback.  

[ubonr1971]

11 hours ago, jas007 said:

My gut feeling tells me it's worthless.  I have some, though, but I bought it along with some other cryptos years ago. 

 

Would I buy some now?  No.  Maybe on an extreme pullback.  

Worthless but you still say you will buy more. Stop saying daft things please. 

 

If you don't understand bitcoin or blockchain tech then either read up about it or get out. Its incredibly smart software and unbreakable. Its going above 100k after trump starts adding it to the US Fed reserve balance sheet. Other countries will follow. The price will be jumping much higher. 

[mdr224]

5 minutes ago, ubonr1971 said:

Worthless but you still say you will buy more. Stop saying daft things please. 

 

If you don't understand bitcoin or blockchain tech then either read up about it or get out. Its incredibly smart software and unbreakable. Its going above 100k after trump starts adding it to the US Fed reserve balance sheet. Other countries will follow. The price will be jumping much higher. 

It might be 100k before he even takes office. If he announced the US govt is buying bitcoin there is no ceiling to how high it would go

[jas007]

3 minutes ago, ubonr1971 said:

Worthless but you still say you will buy more. Stop saying daft things please. 

 

If you don't understand bitcoin or blockchain tech then either read up about it or get out. Its incredibly smart software and unbreakable. Its going above 100k after trump starts adding it to the US Fed reserve balance sheet. Other countries will follow. The price will be jumping much higher. 

My implication was that I'd buy more after an extreme pullback, but at the same time, my gut feeling would remain.  Sometimes, you just have to say WTF.  

 

And yes, I do understand blockchain and Bitcoin.  We'll see about the Fed.  Can Trump do that? 

[ubonr1971]

On 11/9/2024 at 11:12 AM, jas007 said:

My implication was that I'd buy more after an extreme pullback, but at the same time, my gut feeling would remain.  Sometimes, you just have to say WTF.  

 

And yes, I do understand blockchain and Bitcoin.  We'll see about the Fed.  Can Trump do that? 

If you think like that you should not say bitcoin will go to 10k. Be positive like us bitcoiners. 

 

Trump said his govt would buy and hold bitcoin for a long time and then pay off the countries debt. If it happens then the price will explode. you must hold on for dear life. HODL

[jas007]

12 minutes ago, ubonr1971 said:

If you think like that you should not say bitcoin will go to 10k. Be positive like us bitcoiners. 

 

Trump said his govt would buy and hold bitcoin for a long time and then pay off the countries debt. If it happens then the price will explode. you must hold on for dear life. HODL

What bothers me somewhat is that we still don't know where Bitcoin came from.  Who really created it?  Why? 

[NickyLouie]

8 hours ago, jas007 said:

What bothers me somewhat is that we still don't know where Bitcoin came from.  Who really created it?  Why? 

 

It's fictitious but some folks sure are making some nice gains with it lately 🙂

 

 

[owl sees all]

8 hours ago, ubonr1971 said:

Trump said his govt would buy and hold bitcoin for a long time and then pay off the countries debt. If it happens then the price will explode. you must hold on for dear life.

TBH, I can't see how this is even possible in the US.

 

The government gets its money from the FED. Who charge interest; thus the massive national debt. 

 

The present POTUS could be brave and issue an EO, and print the money. Then buy gold and bitcoin. The last POTUS to do that with EO 11110 was JFK. That didn't go down too well at all.

 

 

[mdr224]

6 minutes ago, owl sees all said:

TBH, I can't see how this is even possible in the US.

 

The government gets its money from the FED. Who charge interest; thus the massive national debt. 

 

The present POTUS could be brave and issue an EO, and print the money. Then buy gold and bitcoin. The last POTUS to do that with EO 11110 was JFK. That didn't go down too well at all.

 

 

I think bitcoin will be 100k when he takes office. The media frenzy this will cause will force him to take action and consider some of his promises

[owl sees all]

9 minutes ago, mdr224 said:

I think bitcoin will be 100k when he takes office. The media frenzy this will cause will force him to take action and consider some of his promises

Who knows what it could be by early next year.

 

If more countries adopt Bitcoin it could rocket.

 

Max Keiser thinks 100k+ by the end of the year. But he was well out of it the year before, when he said it would go to 220k. However, he redeemed himself a little when he encouraged investors to buy when it was under 20k.

[arithai12]

On 8/20/2024 at 2:38 PM, pacovl46 said:

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. 

You start with "because" as if you are providing an answer, but actually you missed completely the question, which started with "if you like having more money ". Of course precious metals, gold in primis, are stable and the correct solution for a doomsday scenario. But after ten years (say) of owning gold, you are left with more or less what you started with - when you factor in inflation. So solid, stable, but not an answer to "having more money". 

[owl sees all]

15 minutes ago, arithai12 said:

You start with "because" as if you are providing an answer, but actually you missed completely the question, which started with "if you like having more money ". Of course precious metals, gold in primis, are stable and the correct solution for a doomsday scenario. But after ten years (say) of owning gold, you are left with more or less what you started with - when you factor in inflation. So solid, stable, but not an answer to "having more money". 

I like gold. I like the feel of gold. I like the colour of gold. But mostly I like the idea that having some fives some security in this world.

 

I have gold, not as investment; looking at the gold prices every few hours. to see if I'm a little richer or poorer. No! I like to have some gold because people will accept it as a means of payment. 

 

If, as many predict, things go wrong on the world stage, to have some gold is a means of survival.

[ubonr1971]

6 hours ago, owl sees all said:

I like gold. I like the feel of gold. I like the colour of gold. But mostly I like the idea that having some fives some security in this world.

 

I have gold, not as investment; looking at the gold prices every few hours. to see if I'm a little richer or poorer. No! I like to have some gold because people will accept it as a means of payment. 

 

If, as many predict, things go wrong on the world stage, to have some gold is a means of survival.

re your last sentence, I feel you are missing the point re bitcoin. do you understand that you can use a hardware wallet eg trezor or ledger and be issued with 12 key words. your btc are held on the blockchain but you use the wallet as a means to an end. If something happens you can carry a piece of paper with the 12 keys (words) to any country and dont even carry your hardware wallet. you can buy a new wallet and upload your btc.   Its better than carrying a heavy gold bar.....    do you understand bitcoin better now? You are in complete control of your own money....

[ubonr1971]

On 6/18/2022 at 8:46 PM, 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. 

I think your comment indicates to me that you have absolutely NO idea what you are talking about. 

 

Its a legitimate asset class as there are ETF's traded everyday now with massive inflows. 

 

The next president of the US might add bitcoin to the central bank reserves and other countries will follow

 

Qatar government disagree with you as well. They are currently buying trillions of dollars of bitcoin......

 

How wrong are you?

[owl sees all]

12 hours ago, ubonr1971 said:

re your last sentence, I feel you are missing the point re bitcoin. do you understand that you can use a hardware wallet eg trezor or ledger and be issued with 12 key words. your btc are held on the blockchain but you use the wallet as a means to an end. If something happens you can carry a piece of paper with the 12 keys (words) to any country and dont even carry your hardware wallet. you can buy a new wallet and upload your btc.   Its better than carrying a heavy gold bar.....    do you understand bitcoin better now? You are in complete control of your own money....

I hear you boss. And I don't disagree.

 

I'm here in Thailand for the long haul. If say; WWW111, was to break out, the ATMs and the www, would not be available. A bit of gold in yer pocket will see you through the bargaining at the local market.

 

I'm not one little bit negative about btc. But! It has it's limitations. Just like gold has. Have to recognise what they are, and do the best we can.

[pattayasan]

1 minute ago, owl sees all said:

I hear you boss. And I don't disagree.

 

I'm here in Thailand for the long haul. If say; WWW111, was to break out, the ATMs and the www, would not be available. A bit of gold in yer pocket will see you through the bargaining at the local market.

 

I'm not one little bit negative about btc. But! It has it's limitations. Just like gold has. Have to recognise what they are, and do the best we can.

 

I agree. The mere notion that BTC could go to zero frightens me away from it. That couldn't happen to gold. The percentages might be higher in BTC but I think that's a combination of risk and whale manipulation.

[ubonr1971]

3 hours ago, pattayasan said:

 

I agree. The mere notion that BTC could go to zero frightens me away from it. That couldn't happen to gold. The percentages might be higher in BTC but I think that's a combination of risk and whale manipulation.

Meanwhile your daft fear of nothing precludes you from investing in the biggest opportunity of a lifetime. How can anyone be stupid enough to not invest in btc

[pattayasan]

1 minute ago, ubonr1971 said:

Meanwhile your daft fear of nothing precludes you from investing in the biggest opportunity of a lifetime. How can anyone be stupid enough to not invest in btc

 

The other day I actually did. I invested $200 and sold at market after it rose $8,000 and lost $2. The fees are ridiculous.