Bitcoin, buy it now - $50k Resistence

luckystrike

he/him - Chief Diversity and Inclusion Officer
Joined
Jan 1, 2002
Messages
52,903
Location
Inside Schiavo
Website
lemonparty.org
in the history of trading all things, no traded security has gone straight up defying gravity. When you do see this it creates a euphoria, FOMO (for of missing out), and people who are normally more level headed will eventually say what the hell. Have I looked at it? You bet.

This is all fine and I congratulate everyone who has made money here. But remember this, until you convert your bitcoin to something else, it really is nothing. Just a number on a screen. No different than any other security.

Also know that these meteoric rises can take weeks or months, or years....when, not if it starts to go the other way, the door out gets really really small. This means the rate of a sell off is much higher than the rate of growth.

One of the really interesting parts of this is that there are other competing crypto currencies. This means that people might jump from one ship to the next. This would also potentially excellerate a decline as people will see the brand X currency start to take off (FOMO).

will it be the end of bitcoin? Highly unlikely.

I dont own any bitcoin. I also am not advising people to buy it, not buy it, sell it, hold it, ignore it or what ever. I am also not ruling it out as a hedge and may in fact buy into it at some point. I would prefer to wait however for a really big sell off but thats just me.
"But remember this, until you convert your bitcoin to something else, it really is nothing. Just a number on a screen. No different than any other security."

This is timebound

Today, one has limited options to actually buy goods and services using bitcoin. Microsoft, paypal, few other places and beyond that it's the domain of cyber criminals, human trafficking and organized crime

But soon (and I think I've already posted this elsewhere...losing track here), there are 4 billion people for whom our financial systems as they are today have failed. A farmer in Africa may not have a bank to deposit his worthless FIAT collected from a selling his beans at a local market, nor can he borrow money from a bank to expand operations. 4 billion people have no access to credit.

Bitcoin is going to change all that. In the developed world, we don't see that need. In the developing world, the demand is pent up and about to burst.

Africa is thought by many to be the next frontier. A day will come when Sierra Leon will accept only bitcoin for their diamonds, South Africa will accept only bitcoin for it's rare earth metals. They see it as the magic bullet to unshackle themselves from western FIAT slavery


Bitcoin will eventually become unhinged from FIAT
 

luckystrike

he/him - Chief Diversity and Inclusion Officer
Joined
Jan 1, 2002
Messages
52,903
Location
Inside Schiavo
Website
lemonparty.org
its not the only crypto currency
Sure

But they all maintain the same properties of 0 ownership/authority and capped supply

Keep an out for the next big buzzword: 'defi' (decentralized finance)

Ethereum has the makings of an even bigger disruptor than bitcoin
 
OP
nomad

nomad

BAMF
Joined
Oct 4, 2005
Messages
6,892
Location
On the road
  • Thread Starter
  • Thread Starter
  • #110
Ethereum has the makings of an even bigger disruptor than bitcoin
There are many "better" coins, but BTC has captured the imagination of the world, like Tesla (Short it now!)
Sentiment is everything in the markets of the sheeple
 

LuxPride

BAMF
Joined
Mar 7, 2005
Messages
1,278
Location
ATL
I just threw a couple of grand into a Robinhood account to trade crypto. I was happy with my market gains, but this is too good to pass up.
So the starting balance for me is $1,000. Let's see if it shit's the bed now that I have a buy order for 0.02549792 BTC :D
Maybe we can build Duc a mosuleum if it keeps going up! Fill it full of vices to help guide his way through the afterlife.
 

Your Car Is Slow

HOLYBAMF
Joined
Dec 12, 2001
Messages
26,938
Location
Jacksonville, Florida
I just threw a couple of grand into a Robinhood account to trade crypto. I was happy with my market gains, but this is too good to pass up.
So the starting balance for me is $1,000. Let's see if it shit's the bed now that I have a buy order for 0.02549792 BTC :D
Maybe we can build Duc a mosuleum if it keeps going up! Fill it full of vices to help guide his way through the afterlife.
someone sent me al ink to that awahile back offering a free stock up to 500 bucks. just seemed like a scam at the time.
 

LuxPride

BAMF
Joined
Mar 7, 2005
Messages
1,278
Location
ATL
just in case anyone else wants a free stock...apparently i get another one for everyone who signs up!

Hey, fuck you guy! Here's my free stock link!

Hahahaha!! (I'm super joking!)
 
OP
nomad

nomad

BAMF
Joined
Oct 4, 2005
Messages
6,892
Location
On the road
  • Thread Starter
  • Thread Starter
  • #122
how is bitcoin not a FIAT? To what standard is it measured?
Traditionally, it has been VERY VERY illegal to print money. The Govt owns ALL money. FIAT. Guys that have tried it in the past, like the LIBERT DOLLAR, have gotten long sentences.

Under 18 U.S. § 486, it's a criminal offense to make or pass any metal coins "intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design."

An offense is punishable with up to 5 years in prison, a fine, or both.

This prohibition arguably applies to paper money as well. Article 1, section 8, clause 5 of the U.S. Constitution gives Congress the power to coin money and regulate its value. The Justice Department believes this gives the federal government the "concurrent power to restrain the circulation of [private] money."
EVERY COUNTRY REGULATES FIAT CURRENCY

Make Your Own Currency, Spend 5 Years in Jail

I suspect, this is why Mr. Satosshi didnt want to be identified and quietly dissapeared.
No one would have been surprise if the Feds had tageted him like they have Assange for example.

Luckily, no one in the Justice department could comprehend the magnitude of the threat that a digital currency poses to the Govt control of FIAT. If they did, they would have shut it down instantly.

Then Silk Road happened and it served as a currency for the dark web. Again the Govt spooks could only see the Silk Road website as the problem and didnt regulate BTC.

The visionaries understood the potential and the lack of regulation leading to the explosion of other coins, and the 2017 adoption bubble by which time, it was too late. Tech was fully behind blockchain, and the dumb asses that sit in Govt offices were scrambling to get their petty, self serving, shrunken heads around the concept. They only understood that when Silicon Valley gets involved, it means big $$$$, and that means $$$ for Big Govt. They assumed that coins would simply replace Visa/Mastercard as the point of sale mechanism. They were worried that it could pose a risk to currency, but as you see, they still dont take it seriously because its market cap is so low compared to the daily dollar transactions in the world. But that is going to change.


BTC is a REPLACEMENT FOR GOVT CONTROLLED currency. It has a limited supply and cant be diddled with. IT is bordeless and you dont need armored trucks to transport it around the world. Thats why it is a revolution in money. Thats why its going to $100k and probably beyond

 
Last edited:
  • Barf
Reactions: Red

Jeff1216

BAMF
Joined
Jun 21, 2002
Messages
3,226
Location
Dallas, TX

luckystrike

he/him - Chief Diversity and Inclusion Officer
Joined
Jan 1, 2002
Messages
52,903
Location
Inside Schiavo
Website
lemonparty.org
"Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million."

Lot of that going on right now...
 
OP
nomad

nomad

BAMF
Joined
Oct 4, 2005
Messages
6,892
Location
On the road
  • Thread Starter
  • Thread Starter
  • #134


Pakistan to Set up Two State-Owned Bitcoin Mining Farms to Help Boost Economy

a STATE OWNED mining operation... what more confirmation does anyone need that this is a valid store of value like gold


Kim Dotcom:
I think there is a significant devaluation of the U.S. dollar going on and that is driving the demand for cryptocurrencies. Digital currencies are now seen to be more stable than fiat currencies. If that trend continues, which I think it will, it’s going to accelerate the devaluation of fiat currencies. Therefore causing significant disturbances in the markets as well.
 
  • Barf
Reactions: Red

luckystrike

he/him - Chief Diversity and Inclusion Officer
Joined
Jan 1, 2002
Messages
52,903
Location
Inside Schiavo
Website
lemonparty.org
Gonna be over 40k any minute now.
Sleepy Joe needs to deliver the stimulus today

$2T or more should propel BTC over $40K and never look back

The dismal job numbers that just came out should ensure he delivers

$US is hemorrhaging anticipating the mega printing so the market is pretty much baking it in
 

Snail

BAMF. No. Really. As BAMF as they get.
Joined
Jan 25, 2002
Messages
20,521
Location
Oregon
The major indices are all up, with the RUT leading, currenly up 1.84% for the morning.
 

maui

Big Bore diggidy mayhem
Joined
Dec 12, 2001
Messages
31,990
Location
see above
Sleepy Joe needs to deliver the stimulus today

$2T or more should propel BTC over $40K and never look back

The dismal job numbers that just came out should ensure he delivers

$US is hemorrhaging anticipating the mega printing so the market is pretty much baking it in
pretty sure that until he becomes president, he cant actually deliver squat.
 

BigGar

high on placebo
Joined
Dec 12, 2001
Messages
41,824
Location
Hayabusaland, CA
What a loser lol

That's a lot of coin!
I'll bet that happened to quite a few.
My son had mined a few not long after the inception and they were on a hard drive that has been lost to the ages and also likely in a landfill someplace.
Just forgot he even had them and never gave it a thought until the 2017 run-up.
 
Joined
May 2, 2018
Messages
466
wasnt there a story about the origins of bitcoin where the founders or whatever actually kept 50% of them right to start?
I have no idea.

What I do know is that a lot of bit coin has been lost.

I would think that the lost bit coin establishes a base that will always be there.
 

maui

Big Bore diggidy mayhem
Joined
Dec 12, 2001
Messages
31,990
Location
see above
Well. I obviously put a few shekels into Bitcoin at the wrong time
If you don't want to sell your position you can cost average it back some. It will cost more, but if you think BTC is an investment and you are doing more then just speculation, it could work in your favor. The first little dip I thought was interesting, this second one is possibly an actual correction. You can do cost averaging many ways but trying to guess the bottom of a correction is all but impossible.

One way to average back is to try and pick what you'd like to recover. Be conservative if you think you want to do this i.e. if you can get 10% back thats pretty good so a 20% drop, and you buying the corrispodning shares achieves this. If you bough at 40k and its at 32 now thats a good cost average. Could it go down more? Sure.

People write an articles and "guess" the bottom and if they are right all heads swivel to the person who has figured it out, when in fact for every 1 person that does, theres 1000 people who guess wrong. Meaning its all bullshit.

If you sell now, and buy back in less then 30 days, mind the short term gain as a disallowed loss may be incurred if you sell on a short term.
 
Top Bottom