Bitcoin, buy it now - $50k Support

luckystrike

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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

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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
 
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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

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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

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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

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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

 
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luckystrike

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"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...
 
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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.
 
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luckystrike

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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

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The major indices are all up, with the RUT leading, currenly up 1.84% for the morning.
 

maui

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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

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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.
 
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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

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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.
 
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  • Yellen said cryptocurrency transactions were used "mainly for illicit financing."

Its too late for that ya dumb old bat!

BTC has big swings.

The FACT that it broke 20k after 2+ years in the dumps is a HUGE bullish signal.
the FACT that large institutions are investing in it is protection from Govt regulation

well be at $50k soon, $100k is coming, see the first post in this thread about halving
BUT
it likely will retrace all the way back to 20k on that journey
 
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Two decades ago, General Tommy Franks-- commander of the original US invasion of Afghanistan back in 2001-- was asked his opinion about a civilian bureaucrat named Doug Feith.


Feith was an academic policy wonk who, despite never having served in the military, was a staunch warmonger who was happy for other people to go fight and die in foreign lands.


General Franks was a straight-talking Texan who wasted no words in his opinion that Feith was “the dumbest fucking guy on the planet.”


Over the years of this publication, I have, from time to time, submitted some candidates for what I call the ‘Tommy Franks Award’.


As you can imagine there’s pretty stiff competition for the dumbest f’ing person on the planet, especially these days. But I feel especially compelled right now to nominate the World Economic Forum.


Traditionally the World Economic Forum’s annual event in Davos, Switzerland has been a pageant of wealth and power.


If you’re there, you’ve made it… at least in the eyes of the global elite; it’s nothing but billionaires and politicians. And in the past, the event was typically just photo ops and pointless speeches.


But lately the World Economic Forum has been much more active in cranking out horrifically stupid policy ideas.


For example, the Forum wants human beings (i.e. us peasants) to be conditioned to eat WEEDS and insects in order to save the planet.


The Forum’s founder Klaus Schwab also penned a book last year entitled Covid 19: The Great Reset, which pushes for a radical agenda involving Green New Deals, strict people controls, “solidarity” taxes, debt defaults, and more.


As Schwab announced last year alongside Prince Charles (who is totally relevant with respect to global economic matters),


“Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. . . In short, we need a ‘Great Reset’ of capitalism.”


They’re not even hiding their agenda-- they’re boldly stating that they want to ‘reset’ the economic system that is responsible for the greatest amount of prosperity that has ever existed in the history of the world.


And over the next few days, the World Economic Forum is unveiling more about its Great Reset initiative.


Yesterday they held a live virtual panel entitled “Resetting Digital Currencies”. And, naturally they sought out the finest ‘experts’ in cryptocurrency, including:


- The CEO of Western Union, a company whose last financial innovation was when they put the Pony Express out of business in 1861;


- The Governor of the Bank of England, a central bank whose entire existence is the complete opposite of the decentralized cryptocurrency ethos; and


- Her Majesty Queen Maxima of the Netherlands. Yes I’m serious.


Talk about an EXPERT panel!


Honestly it was pretty astonishing to watch. The Queen started off with a completely incomprehensible rant about how the Dutch guilder was the original ‘stablecoin’ because it held its value for so long.


This is just totally inaccurate from a historical perspective; there were plenty of other stable reserve currencies long before Holland even existed. But I’ll let that one slide.


Later, the panel dove into the real meat of their argument: cryptocurrencies are bad because poor people in Africa can’t use them.


The Queen once again piped up, stating that “digital currencies [depend] on smartphones”, and because most people in Africa still have lower grade ‘feature phones’, they don’t have the opportunity to transact with crypto.


Wrong again!


Feature phones have been able to store and transact Bitcoin and other currencies for at least SEVEN years.


And open source wallets like Electron Cash have been available for even the most basic feature phones since mid-2018.


The Queen and her friends are totally wrong. Just about everyone in the world can use crypto.


But they continue to repeat these incorrect statements-- I believe the technical term is “baseless assertions”. They claim that crypto is not “inclusive”, which is code for ‘social justice’.


That’s total nonsense. Aside from gold and silver, crypto is the most inclusive asset class in world history. Almost anyone can own it.


What’s not inclusive is the traditional financial system; there’s over 1.7 billion people worldwide who can’t access bank accounts or basic financial services-- ironically, according to the World Economic Forum!


Furthermore, if they really care about ‘inclusive finance’, traditional currencies are totally not inclusive.


US Dollars, for example, are exclusive to the United States, a handful of dollarized countries, plus governments, wealthy individuals, and big corporations.


It’s not like some poor person in Africa has regular access to dollars. They’re at the mercy of their local currency, and however much the government wants to inflate it.


And in addition to manipulation and inflation, traditional currencies can also be subject to capital controls. Nothing about this is ‘inclusive’.


Nevertheless, the World Economic Forum elitists continue to repeat their baseless assertions about cryptocurrency.


In reality, they’re terrified of it, because cryptocurrency represents a rejection of the system that they control.


People aren’t stupid, they know they’ve been betrayed.


Corporations have betrayed them by going completely woke. Politicians have betrayed them by abandoning individual liberty and fiscal restraint. The media has betrayed them with its lack of truth and transparency. Tech companies have betrayed them through blatant censorship.


Trust is at an all time low. So why should anyone have any trust in the currency or financial system?


Crypto is a natural alternative for anyone who’s fed up with the people who pull the strings.


This isn’t about price… or even a single currency; Bitcoin, for example, has a number of flaws, though there are plenty of other promising options that still present substantial upside potential.


This is really about the concept of decentralization: taking power away from people who have constantly abused it, and redistributing that power freely across the market.


Some of the greatest advances in human civilization, from the Reformation in the 1500s, to the early days of the Internet, were based on decentralization.


But these people stand for the opposite. They love centralization and concentration of power… especially when they’re the ones in power.


Now they want to tell us what currencies we can/cannot use, which weeds we should be conditioned to eat, and how we should ‘reset’ capitalism.


Perhaps it’s the World Economic Forum that requires a Great Reset.
SovereignMan.com
 
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