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Bitcoin Setting Up For Another Drop

#48Fan

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#41
Yeah Zed, I get what you are saying. Anything can happen. Gold has been confiscated in the past. Gov't fooks up everything it touches, but has always controlled currency. No doubt, TPTB will eventually switch over to crypto, but it will not resemble Bitcoin. I guess people are going to have to make a choice. I know what mine will be. The future will be interesting for sure.

I'm just playing in the Bitcoin tide pool and loving every minute of it. When I first heard of it back in 2016, I thought it had potential but I just couldn't get myself to pull the trigger (back when it was $200-300), lmao. If I would have bought, would I have been able to hold to $19k+? Shit no, heh (I know myself). I finally got into the space in mid 2017 right before the hard fork craze and subsequent moon shot. Haven't made much, haven't lost much, but have had one hell of a time.
 

ZZZZZ

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#42
The blockchain is made up of thousands of computers across the globe connected through the internet. Each computer has a copy of every transaction that has ever existed, these are called nodes. The exchanges are just places to trade coins/tokens between folks. But, if I have a wallet on my phone and you have a wallet on your phone and you want to meet me at the coffee shop so you can buy Bitcoin from me, it would be easy. You would give me x dollars, then I would scan your wallet QR code off of your phone with my phone and I would send x dollar amount directly into your Bitcoin wallet. Make sense?
Yes.

So if the wallets are connected to the global blockchain, then I've got it.

:oriental:
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anywoundedduck

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#43
Really curious how millions of gullible people trade bitcoin.
I lose the trust factor when I realize that there is nothing, nothing at all, backing bitcoin.
If only someone would come up with a blockchain crypto backed by precious metals.
The options markets are a joke. God knows how many take delivery these days. Not enough, that's for sure.
Stacking physical metal is the only true option.
 

Zed

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#44
Yeah Zed, I get what you are saying. Anything can happen. Gold has been confiscated in the past. Gov't fooks up everything it touches, but has always controlled currency. No doubt, TPTB will eventually switch over to crypto, but it will not resemble Bitcoin. I guess people are going to have to make a choice. I know what mine will be. The future will be interesting for sure.

I'm just playing in the Bitcoin tide pool and loving every minute of it. When I first heard of it back in 2016, I thought it had potential but I just couldn't get myself to pull the trigger (back when it was $200-300), lmao. If I would have bought, would I have been able to hold to $19k+? Shit no, heh (I know myself). I finally got into the space in mid 2017 right before the hard fork craze and subsequent moon shot. Haven't made much, haven't lost much, but have had one hell of a time.
Yeah... I was curious about it when it was cents, but I couldn't be assed to mine any. Probably cost me millions.

@ today's price I'm way more concerned about the fate of the instrument. There is some comfort in the fact that BTC futures exist... but then there is the role they serve in the gold market, that serves as a cautionary tale.

IMO BTC generally reflects the same pressures that drive gold so seeing it do well is a good sign for goldbugs.

Technically it looks OK to me.
 

Zed

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#45

Someone_else

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#46
Stacking physical metal is the only true option.
The book "The Alpha Strategy" suggests the following, and I agree:
1. Buy things you will consume yourself. Look at shelf life and your usage.
2. Invest in yourself; how can you be more productive?
3. Buy trade goods. What will other people value? Depending on the situation, it might be gold or it might be food.
 

Zed

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#49
What will other people value?
Millennials are the huge upcoming demographic, crypto is well inside their comfort zone but they are broke, for now. This will be a generational change theme. The challenge for Boomers and Gen Z is to recognize how fundamentally things are changing and consequently what will be held dear. It's a difficult and upcoming "gear change" for us older investors... thinking like a millennial, I swear it will just break my brain.
 

Zed

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#50
Currencies are adopted belief systems.
Adopted? Mostly decreed in the modern world. In a free market yes, but it is a big assumption that the BTC market remains free.
 

TAEZZAR

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#51
Seems like BTC has stolen some of gold's role in this respect.
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I had the same thought & I think bitcoin sucks !
 

smilershouse

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#52
intrinsic value of BC is 0. ^^^ extrinsic or more properly notional value is what you're talking about ^^^.

intrinsic value is ethical value, and IMHO there is none of that in bc

Intrinsic vs. Extrinsic Value​
First published Tue Oct 22, 2002; substantive revision Wed Jan 9, 2019​
Intrinsic value has traditionally been thought to lie at the heart of ethics. Philosophers use a number of terms to refer to such value. The intrinsic value of something is said to be the value that that thing has “in itself,” or “for its own sake,” or “as such,” or “in its own right.” Extrinsic value is value that is not intrinsic.​
The world threw ethics away with the Reagan/Thatcher/Keaton/-omics during the early to min 80's. Capitalism was born for the mums and ads , (sorry, typo correction), Dad investors,and everyone become isolated and greedy. Bernanke clandestinely may have had a point,................................................ gold IS a barbaric relic. The new generational people have their own trading platform now, in the form of decentralized (crypto) banking, and being the age of IT us oldies have been forced to adapt Our young ones are shaping the future of our yesterday with AI and anything IT, these innovators want everything in an instant. And PM's are far too bulky and clumsy, and require too much responsibility and hence too much worry to own and trade with.

PM's -Buy and hold, have proved to be the worst performing asset to hold since 2008. Next to ASX:ACW, The debt bomb since GFC 1 & 2 and all the shenanigans and money printing have actually declined AG in value. The crypto space will be the new currency, although early days and scams are rife, - just as they were in the gold rush, and Tulip days, with Blockchain tech, the market cannot be manipulated
SH
 
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#53

anywoundedduck

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#54
I predict that Trump already has a planned AG and AU backed currency, established and controlled by the US Treasury, that will be deemed official, for all debts public and private.
Many if not all the Cryptos will go the way of the Dodo, once the new US Goldbacked Currency is established. The particulars of which I will leave to those Non- Keynesian geniuses.
Lots of changes coming, with the Central Banks being eliminated. The Bank and Corporate owned Democrats are scurrying for cover. Expect more false flags along with lots of suicides.
JMHO
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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#55
I predict that Trump already has a planned AG and AU backed currency, established and controlled by the US Treasury, that will be deemed official, for all debts public and private.
Many if not all the Cryptos will go the way of the Dodo, once the new US Goldbacked Currency is established. The particulars of which I will leave to those Non- Keynesian geniuses.
Lots of changes coming, with the Central Banks being eliminated. The Bank and Corporate owned Democrats are scurrying for cover. Expect more false flags along with lots of suicides.
JMHO
BUT, Gresham's law will apply to the new, good money ! :rage 1
 

anywoundedduck

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#56
BUT, Gresham's law will apply to the new, good money ! :rage 1
But if the US Government seizes the Fed, and declares the dollar as failed and that new US currency, represents x unit of gold (or silver) in Fort Knox. Have a limited time dollar conversion plan (one week?) Being as the dollar failed, then"Theirs Law" should apply. A blockchain system that will identify and mark, accordingly, the existing individually marked unit as an actual quantity of gold or silver. One for one. Not 100 to 1 ôr 200 to 1, as on the Crimex. Price of gold and silver controlled by free market, not the CBs. The trick,will be keeping the CB bad actors out of the system by freezing and confiscation, as appropriate. For example, the hoard of silver stacks at JP Morgan would look good in a vault in Fort Knox.
Nicht wahr?
Humbly, JMHO