Is Bitcoin going to zero?

[ubonr1971]

1 minute ago, pattayasan said:

 

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.

Bitcoiners dont sell. Hold it for 5 yrs. see how much it is worth. you dont understand btc

[pattayasan]

2 minutes ago, ubonr1971 said:

Bitcoiners dont sell. Hold it for 5 yrs. see how much it is worth. you dont understand btc

 

I'm not holding anything that goes from 65k to 15k. Thanks for the advice anyway. Good luck.

[ubonr1971]

1 hour ago, pattayasan said:

 

I'm not holding anything that goes from 65k to 15k. Thanks for the advice anyway. Good luck.

but what if it goes to 300,000....  People like you should just put their money in the bank and earn 1.2%

[connda]

Is Bitcoin going to zero?

 

Nope.

[pacovl46]

On 11/12/2024 at 8:57 AM, 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". 

😂😂😂 there is absolutely no guarantee whatsoever that you will make money with bitcoin or any crypto for that matter! Bitcoin is pretty much the most volatile currency that exists. Just look at the graph!  Lots of people lost a lot of money on bitcoin. It's pretty much impossible to lose money with gold, if you see it as a long term investment.  If you really want to make money you need to invest in real estate! 

[arithai12]

On 11/14/2024 at 3:39 PM, pacovl46 said:

😂😂😂 there is absolutely no guarantee whatsoever that you will make money with bitcoin or any crypto for that matter! Bitcoin is pretty much the most volatile currency that exists. Just look at the graph!  Lots of people lost a lot of money on bitcoin. It's pretty much impossible to lose money with gold, if you see it as a long term investment.  If you really want to make money you need to invest in real estate! 

When did I say that there is a guarantee? Like all investments with high potential for gain, there is a risk of losing. It all depends when you step in and when you want out. And by the way, real estate can lead to losses too. I simply said that your answer "invest in gold" is not a way to make money, which is what the person you were replying to wanted. But we are beating a dead horse, goodbye.

[pacovl46]

22 hours ago, arithai12 said:

When did I say that there is a guarantee? Like all investments with high potential for gain, there is a risk of losing. It all depends when you step in and when you want out. And by the way, real estate can lead to losses too. I simply said that your answer "invest in gold" is not a way to make money, which is what the person you were replying to wanted. But we are beating a dead horse, goodbye.

The guy wanted to know why I would invest in gold rather than bitcoin, if I want to make more money. Gold is stable, bitcoin isn't. That's all I'm saying. If someone like Elon Musk would give a statement tomorrow, saying he doesn't trust bitcoin and sold all of it, bitcoin would crash over night. If you want to invest your money in something that can be manipulated that easily by just one person then go for it.

 

Yeah, you can lose money in real estate, but the chances of that happening, if you ibuy houses or condos you can rent out are very slim. 

[John Drake]

On 11/19/2024 at 12:44 AM, pacovl46 said:

The guy wanted to know why I would invest in gold rather than bitcoin, if I want to make more money. Gold is stable, bitcoin isn't. That's all I'm saying. If someone like Elon Musk would give a statement tomorrow, saying he doesn't trust bitcoin and sold all of it, bitcoin would crash over night. If you want to invest your money in something that can be manipulated that easily by just one person then go for it.

 

Yeah, you can lose money in real estate, but the chances of that happening, if you ibuy houses or condos you can rent out are very slim. 

 

What do you think this news will do with all the gold the story mentions coming into the market?

 

Quote

China has found gold reserves worth 600 billion yuan ($82.9 billion) in central Hunan province, state outlet Xinhua news said on Thursday. https://www.reuters.com/markets/commodities/china-finds-83-billion-worth-gold-reserves-hunan-2024-11-21/

 

Edited Tuesday at 08:08 AM by John Drake

[pacovl46]

21 minutes ago, John Drake said:

 

What do you think this news will do with all the gold the story mentions coming into the market?

 

 

Obviously they won't throw it onto the market, just like most diamonds are kept in vaults.

[John Drake]

31 minutes ago, pacovl46 said:

Obviously they won't throw it onto the market, just like most diamonds are kept in vaults.

 

Why not? The article says China consumes much more than it produces. This mine would save them from buying from abroad. But your statement does underscore an important fact: the amount of gold is constantly expanding, with more and more of it produced each year, while bitcoin is finite. And remember Uganda also discovered a huge gold field two or three years ago, of 31 million tons of gold https://www.mining-technology.com/features/uganda-gold-deposit-investment/. You're also right to point out, I think, that many once precious stones and metals are not so unique anymore. Not only are there more than enough natural diamonds to collapse the market, man-made diamonds are virtually the equal of natural ones. That goes for pearls, rubies, and emeralds as well. Seems to me that bitcoin is a much more stable and predictable market than gold. And I used to invest in gold mines. But if you want to see a bunch of thieves, look at the people that run gold mines, especially Canadian junior miners. I'd much rather trust someone like Saylor and bitcoin who I believe are a thousand times more transparent.

[pacovl46]

21 hours ago, John Drake said:

 

Why not? The article says China consumes much more than it produces. This mine would save them from buying from abroad. But your statement does underscore an important fact: the amount of gold is constantly expanding, with more and more of it produced each year, while bitcoin is finite. And remember Uganda also discovered a huge gold field two or three years ago, of 31 million tons of gold https://www.mining-technology.com/features/uganda-gold-deposit-investment/. You're also right to point out, I think, that many once precious stones and metals are not so unique anymore. Not only are there more than enough natural diamonds to collapse the market, man-made diamonds are virtually the equal of natural ones. That goes for pearls, rubies, and emeralds as well. Seems to me that bitcoin is a much more stable and predictable market than gold. And I used to invest in gold mines. But if you want to see a bunch of thieves, look at the people that run gold mines, especially Canadian junior miners. I'd much rather trust someone like Saylor and bitcoin who I believe are a thousand times more transparent.

They won't throw it onto the market because it would dilute the price. All the gold that has been mined so far would fit into an Olympic sized swimming pool, if I remember correctly. So gold is not really abundant and bitcoin will NEVER be as stable as gold. That's a fact. Just look at its course over the past 10 years. It's a massive rollercoaster. 

[John Drake]

1 hour ago, pacovl46 said:

They won't throw it onto the market because it would dilute the price. All the gold that has been mined so far would fit into an Olympic sized swimming pool, if I remember correctly. So gold is not really abundant and bitcoin will NEVER be as stable as gold. That's a fact. Just look at its course over the past 10 years. It's a massive rollercoaster. 

 

Per the Reuters article above, China consumes 741.732 tons of gold per year, while only producing 268.068 tons. Why would China elect to continue buying from abroad, instead of using their own domestic stock of gold? And then there is Uganda, as I mentioned above, where it's a free for all. Find it. Mine it. Sell it. Not to mention the environmental degradation gold mining causes even in the best of circumstances.

 https://www.monitor.co.ug/uganda/news/national/mad-rush-as-artisanal-miners-flood-namayingo-for-gold-4789890

Look, I like gold. And people still revere gold. That's the only reason it or any other substance has value. Because human beings want it and perceive it as a rare commodity with unique traits. But what would happen to that 4 or 5 Olympic size swimming pools full of gold, btw, if it was all released into the commercial sector for actual use? Gold depends upon hoarding in order to retain its value. And as for bitcoin, I think people are coming to "revere" it as well as a rare commodity with unique traits. Not to mention that corrections in bitcoin prices are becoming smaller and smaller as an overall percentage. Because it is being stabilized as a prized commodity. I guess it could fall 80 percent are so as it has done in the past once or twice. But I don't expect it, too. As for gold, I still remember buying it at $250 for Gold Eagles not so long ago. And then there is the price when you sell gold, which is never what the market shows you but what the dealer will pay, which is often at 20 percent below spot.

Edited Wednesday at 08:16 AM by John Drake

[pacovl46]

On 11/27/2024 at 8:58 AM, John Drake said:

 

Per the Reuters article above, China consumes 741.732 tons of gold per year, while only producing 268.068 tons. Why would China elect to continue buying from abroad, instead of using their own domestic stock of gold? And then there is Uganda, as I mentioned above, where it's a free for all. Find it. Mine it. Sell it. Not to mention the environmental degradation gold mining causes even in the best of circumstances.

 https://www.monitor.co.ug/uganda/news/national/mad-rush-as-artisanal-miners-flood-namayingo-for-gold-4789890

Look, I like gold. And people still revere gold. That's the only reason it or any other substance has value. Because human beings want it and perceive it as a rare commodity with unique traits. But what would happen to that 4 or 5 Olympic size swimming pools full of gold, btw, if it was all released into the commercial sector for actual use? Gold depends upon hoarding in order to retain its value. And as for bitcoin, I think people are coming to "revere" it as well as a rare commodity with unique traits. Not to mention that corrections in bitcoin prices are becoming smaller and smaller as an overall percentage. Because it is being stabilized as a prized commodity. I guess it could fall 80 percent are so as it has done in the past once or twice. But I don't expect it, too. As for gold, I still remember buying it at $250 for Gold Eagles not so long ago. And then there is the price when you sell gold, which is never what the market shows you but what the dealer will pay, which is often at 20 percent below spot.

You didn't get it. Of course they're gonna use the gold, but they're not gonna offer it for sale on the open market all at once because that would dilute the market and lower the price. Also, of course you will never get the spot price for bars or coins because they have to be minted/made and that costs money, but it should nowhere be anywhere near 20% below spot price. In Thailand there's so many gold shops and you'll definitely find a better price than that! 

[mdr224]

On 11/26/2024 at 10:52 PM, pacovl46 said:

They won't throw it onto the market because it would dilute the price. All the gold that has been mined so far would fit into an Olympic sized swimming pool, if I remember correctly. So gold is not really abundant and bitcoin will NEVER be as stable as gold. That's a fact. Just look at its course over the past 10 years. It's a massive rollercoaster. 

This chart speaks for itself

[GroveHillWanderer]

5 hours ago, mdr224 said:

This chart speaks for itself

That chart doesn't look right to me. Bitcoin has been much more volatile than it seems to indicate. 

 

Here's a chart from Investopedia which I think reflects the roller coaster ride that Bitcoin's value has been, over the years.

 

 

[KannikaP]

On 11/13/2024 at 3:52 PM, ubonr1971 said:

but what if it goes to 300,000....  People like you should just put their money in the bank and earn 1.2%

What if, what if. What if the horse I had put $1000 on to win comes 2nd.

Why should BTC, or any investments, go up in 5 years? As all investment ads say, your money can go down as well as up.