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05-10-2022, 08:50 AM | #3706 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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Posts: 13,589
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05-10-2022, 08:53 AM | #3707 |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
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Posts: 41,175
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05-10-2022, 09:38 AM | #3708 |
Supporter
Join Date: Nov 2006
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Posts: 5,696
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05-10-2022, 10:30 AM | #3709 |
Veteran
Join Date: Jan 2004
Location: Lawrence
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Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.
That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin. |
Posts: 1,121
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05-10-2022, 10:38 AM | #3710 | |
Supporter
Join Date: Nov 2006
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Quote:
Let's take this your way though. What's the difference if you had 1 million in Tesla shares to sell vs 1 million in Bitcoin to sell? Sell it in the market like you do a stock and use the money. I'm not saying I'd ever have all my money in Crypto but I'd also not have it all in one stock. What would happen if everyone pulled all of their money out of any stock? The same thing that would happen with Crypto, it would crash. Everything, including crypto, stocks, a car, or a house, is only as valuable as people think it is. |
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Posts: 5,696
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05-10-2022, 10:45 AM | #3711 | |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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Quote:
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Posts: 13,589
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05-10-2022, 11:57 AM | #3712 |
Supporter
Join Date: Jun 2013
Location: Compton, CA
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Yet, BTC adoption presses on...
Goldman Sachs recently offered its first Bitcoin-backed loan - https://www.bloomberg.com/news/artic...in-crypto-push Fidelity offering Bitcoin as an option in $401k's - https://www.cnn.com/2022/04/26/succe...01k/index.html |
Posts: 1,597
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05-10-2022, 12:03 PM | #3713 |
WhatUneed2Hear
Join Date: Feb 2002
Location: AllSoulsMatter
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When will Bitcoin spike back up? Any gurus wanna take a stab?
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Posts: 45,351
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05-10-2022, 12:52 PM | #3714 |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
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Posts: 41,175
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05-10-2022, 05:58 PM | #3715 |
WhatUneed2Hear
Join Date: Feb 2002
Location: AllSoulsMatter
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Posts: 45,351
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05-10-2022, 06:13 PM | #3716 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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No one knows, but just by looking at the chart the $28,800 level is the key area right now. As a trader I'd feel pretty comfortable buying here and setting a stop-loss just below $28,500. If that area cracks there's really no support until the $19,000 to $19,500 area. If that cracks, then the next support is around $12,500.
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05-11-2022, 01:54 AM | #3717 | |
Sapere Aude
Join Date: Jun 2001
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Quote:
Yes, but not until it plummets to sub-$6k levels. Institutions haven't bought into BTC yet. My wife's uncle is an investment manager for a large institution. They haven't touched crypto and won't until regulations are in place. Do you think these institutions are going to be buying cryptos at $30k-$60k prices? No way. Regulations are going to be a catalyst that tanks the crypto market and allows these investors in at reasonable prices. Some cryptos will recover. Some will get regulated out of the market. Most will simply die. Far as I'm concerned, the only crypto worth buying right now is XRP because it's the closest to being regulated. Once its case is settled, all the money that's being sucked out of the market now will flow into it. Just my own personal opinion. Do your own research. |
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Posts: 78,986
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05-11-2022, 02:01 AM | #3718 | |
Sapere Aude
Join Date: Jun 2001
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Quote:
It's not what I want. I'd love for everybody to be rich off this stuff. I'm just saying part of what is guiding my investment strategy. |
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Posts: 78,986
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05-11-2022, 02:24 AM | #3719 |
Sapere Aude
Join Date: Jun 2001
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Let me put it like this: if your investment strategy doesn't account for a cabalistic class that controls virtually every financial market, and for that matter world event, you're a lamb being led to the slaughter.
We're only seeing the beginning of what they have planned for stablecoins. This little "event" was just to prime Yellen for her talk. Wait until they rug Tether. |
Posts: 78,986
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05-11-2022, 10:09 AM | #3720 |
Sapere Aude
Join Date: Jun 2001
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Posts: 78,986
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