Bitcoin - a decentralised digital currency

2,182 posts in this topic

On 5/21/2021, 6:26:30, Goodbye_BlueSky said:

Bitcoin falls after China calls for crackdown on bitcoin mining and trading behavior
Bitcoin price falls after China calls for crackdown on mining, trading behavior (cnbc.com)

Looks like China even wants to go after BTC mining in china. China was once reponsible for over 73% of all Bitcoin mining. Now its said to be 65%

One great thing Bitcoin has, is it keeps falling even during the weekend.

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1 hour ago, MikeMelga said:

One great thing Bitcoin has, is it keeps falling even during the weekend.


Sssssh !!!!!
A religious HODL will come and teach you how it can also go up in weekends :) 
 

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4 minutes ago, Goodbye_BlueSky said:


Sssssh !!!!!
A religious HODL will come and teach you now how it can also go up in weekends :) 

I dont care :D

I'm enjoying these small pleasures, while waiting for the really big drop and flooding the thread with "I TOLD YOU SO" memes.

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A little comic relief 

 

Quote

Not only is energy-intensive crypto mining raising ethical concerns for major Bitcoin holders, it's now causing havoc for law enforcement, too. In a strange turn of events, UK police have shut down a Bitcoin mine for illegally stealing electricity after it was uncovered by officers who thought it was a cannabis farm. 

 

the rest

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On 5/17/2021, 11:22:35, MadManEarle said:

 

I prefer to take the advice of people like Michael Saylor, Knut Svanholm, and Max Kaiser, myself.

 

 

I'm sorry to tell you this but Michael Saylor is a PU$$Y !   He has been invited time and again to debate one-on-one with Peter Schiff but refuses. Why ? Because he knows he'll get his ass whipped, MSTR will come crashing down if Peter pummels him like an MMA fighter. And he will because Saylor is just a bull$hit artist. Just listened to KITCO interviews with him (2 episodes) and he's full of it. He wouldn't stand a chance for 2 minutes with Peter in the ring.

 

 

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6 hours ago, wien4ever said:

I'm sorry to tell you this but Michael Saylor is a PU$$Y !   He has been invited time and again to debate one-on-one with Peter Schiff but refuses. Why ? Because he knows he'll get his ass whipped, MSTR will come crashing down if Peter pummels him like an MMA fighter. And he will because Saylor is just a bull$hit artist. Just listened to KITCO interviews with him (2 episodes) and he's full of it. He wouldn't stand a chance for 2 minutes with Peter in the ring.

 

You sound very worked up over this. Maybe this topic isn't for you.

 

In any case, I do not accept your claims. Have you looked into the topic of Bitcoin itself, instead of trying to construct a figurehead for it that you can attack?

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UK police have shut down a Bitcoin mine for illegally stealing electricity after it was uncovered by officers who thought it was a cannabis farm. 

 

Money really has become the new drug

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12 hours ago, wien4ever said:

I'm sorry to tell you this but Michael Saylor is a PU$$Y !   He has been invited time and again to debate one-on-one with Peter Schiff but refuses. Why ? Because he knows he'll get his ass whipped, MSTR will come crashing down if Peter pummels him like an MMA fighter. And he will because Saylor is just a bull$hit artist. Just listened to KITCO interviews with him (2 episodes) and he's full of it. He wouldn't stand a chance for 2 minutes with Peter in the ring.


May be he is a legendary techno-king or a con.artist. If I listen to Saylor, for me he fulfills lot of points of the 2nd.

I was reading opinion of  2008 Economics Noble prize winner Paul Krugmann:

https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html?smid=tw-share&fbclid=IwAR30LWhL_E4LofmJpUA5pAw1XmGvTtGiPzru_fNrdYvySZFCiemKRIN3-yU

I found the following very interesting:

"But I’ve been in numerous meetings with enthusiasts for cryptocurrency and/or blockchain, the concept that underlies it. In such meetings I and others always ask, as politely as we can: “What problem does this technology solve? What does it do that other, much cheaper and easier-to-use technologies can’t do just as well or better?” I still haven’t heard a clear answer."

"crypto boosters are very good at technobabble — using arcane terminology to convince themselves and others that they’re offering a revolutionary new technology, even though blockchain is actually pretty elderly by infotech standards and has yet to find any compelling uses."  - Saylor fullfils this point 100% 

This guy got a Noble in Economics, one would think he understand some of Macro Economics, Money Policies, Money flow and technologies behind it.
And I find his opinion on "
technobabble " very appropriate. You will hear a lot from the Crypto guys " no one understands crypto", "it is genious", "no one gets it" "crypto is something else" etc. etc.

@ silty1 "Money really has become the new drug"
Why not ? Crypto has become the easiest "Get Rich soon"  scheme.
And in no other P***i you could reach  so many people so easily from the whole world.

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Had a long talk with a friend yesterday. He understands that crypto is bullshit, that this will end, but he is still heavily invested, because he believes he is riding a "bull run" and he will get out before it is finished.

Ironically, I called him a few days before the massive Bitcoin drop a few weeks ago and told him to cash out.

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Hope he kept some ;)

 

"Bitcoin Price Prediction: Why Bitcoin Could Be About To Soar To $100,000"

 

Quote

...an expert panel has predicted the bitcoin price will climb to just over $100,000 per bitcoin in 2021—with almost a third of the panelists surveyed forecasting bitcoin could climb past $120,000.

The bitcoin price could soar up to $107,484 at some point during 2021, according to the panel average, with the majority of the 35 panelists (58%) identifying institutional investors as driving the price rally, compared to 24% who say it’s retail-driven and 18% by large bitcoin holders known as whales.

https://www.forbes.com/sites/billybambrough/2021/04/28/bitcoin-price-prediction-why-bitcoin-could-be-about-to-soar-to-100000/?sh=41ba0e658fb4

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14 minutes ago, Janx Spirit said:

Hope he kept some ;)

"Bitcoin Price Prediction: Why Bitcoin Could Be About To Soar To $100,000"

https://www.forbes.com/sites/billybambrough/2021/04/28/bitcoin-price-prediction-why-bitcoin-could-be-about-to-soar-to-100000/?sh=41ba0e658fb4


This guy (Robert Breedlove ) says Bitcoin will go to 12.5$ Million by 2030
Bitcoin to hit $307k by October, then $12.5 million by 2031 - Robert Breedlove - YouTube

At that point Bitcoin will have to replace USD as reserve currency and may also have to replace Gold , Yuan, EUR, Pound and Yen 

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38 minutes ago, Goodbye_BlueSky said:


This guy (Robert Breedlove ) says Bitcoin will go to 12.5$ Million by 2030
Bitcoin to hit $307k by October, then $12.5 million by 2031 - Robert Breedlove - YouTube

At that point Bitcoin will have to replace USD as reserve currency and may also have to replace Gold , Yuan, EUR, Pound and Yen 

 

I like this comment on that video:  12 million is a $275 trillion market cap. Saying stuff that like should be illegal. It is the ultimate “ pump and dump”

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1 hour ago, Janx Spirit said:

Hope he kept some ;)

 

"Bitcoin Price Prediction: Why Bitcoin Could Be About To Soar To $100,000"

 

Not saying it can't, in the short/mid term. But I think it will sink, hard within 2 years. Problem is, as there is no underlying value no logic to it, it can sink in 2 years or it can sink tomorrow. It's impossible to predict.

Just a word regarding regulation or ban from Yellen or European Union and it will drop.

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1 hour ago, MikeMelga said:

Not saying it can't, in the short/mid term. But I think it will sink, hard within 2 years. Problem is, as there is no underlying value no logic to it, it can sink in 2 years or it can sink tomorrow. It's impossible to predict.

Just a word regarding regulation or ban from Yellen or European Union and it will drop.

 

1 hour ago, fraufruit said:

U.S. is already talking about heavy regulation.

 

Investors have lost faith in the central banks. Stock market at record high, inflation reappearing, economy opening up and what do the central banks do, more money printing.

 

Investors need to hedge their bets against inflation, cash was the alternative, look at the rates of return.

 

Bitcoin is the consequence of what happens when investors lose faith in central banks.

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On 5/21/2021, 3:22:18, Krieg said:

 

The problem I see is that most people criticizing cryptos have little idea of how it works, 

 

Assuming they could block all exchangers in the world, you still have P2P (Peer to Peer).  How does it work? I Paypal you, bank transfer you, etc, 1000 EUR and you send 1000 EUR worth of the crypto I want to my wallet.    This couldn't work you say?  It has been working like that for years already.

 

P2P or whatever other exchange you can think about is irrelevant to the point: Everyone can play around the rules, either because you're too small and insignificant to the State or you're too big and can fight back through legal loopholes, until the State decides you're not anymore so insignificant nor big and wants a bigger share of your assets.

 

 

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8 minutes ago, gdc said:

 

P2P or whatever other exchange you can think about is irrelevant to the point: Everyone can play around the rules, either because you're too small and insignificant to the State or you're too big and can fight back through legal loopholes, until the State decides you're not anymore so insignificant nor big and wants a bigger share of your assets.

 

Except that with Bitcoin, it is impossible for any government to seize it, regardless of how significant or not you are.

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24 minutes ago, MadManEarle said:

 

Except that with Bitcoin, it is impossible for any government to seize it, regardless of how significant or not you are.

Except they don't need to seize it. They just need to make it useless, and that's very easy.

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30 minutes ago, MadManEarle said:

 

Except that with Bitcoin, it is impossible for any government to seize it, regardless of how significant or not you are.

 

Sure, you can hide your hard wallet under your mattress or bury it in the Zugspitze, those options have always been feasible throughout history...

 

... but, if your taxable net worth does not correspond with your standard of living, you'll end up with your hard wallet buried in the Zugspitze, completely secure, but you'll end up in jail if your 'real' assets does not cover what you owe to the Finanzamt.

 

It's irrelevant what technologic wonder, method or tool, is used to exchange, buy or sold your Bitcoins: you cannot avoid the real world.

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I was thinking about this today: Imagine someone tries not to pay taxes on their earnings in the BTC boom that is currently happening. What options is the government left with? The easiest option is to seize anything purchased using the bitcoins and auction it off or seize any real property. More difficult, but by no means prohibitive, is to jail the BTC owner until they pay up. If enough BTC owners do not pay their taxes, governments could band together and shut down the exchanges, rendering all BTC worthless.

 

It's too big a risk not to just pay your capital gains and get on with your life. Who wants to die in prison while simultaneously leaving their family (if they have one) without any means of support?

 

Having been a witness against my ex-husband in an IRS case, I can tell you that you cannot hide much of anything from them. They have no qualms sending folks to jail.

Germany just wants their money. 

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