Bitcoin is around $6k... why is nobody talking about this?

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cheezit
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by cheezit »

beastykato wrote: Fri Mar 13, 2020 5:09 am It's down no more than the rest of the markets are though. Seems to be in line with everything else.
What? It's down twice as much as as equity markets over the last month.
DB2
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by DB2 »

It wouldn't shock me to see bitcoin go to near or hover just above zero before this whole situation is over.
bitdocmd
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by bitdocmd »

z3r0c00l wrote: Fri Mar 13, 2020 8:27 am Will be on Ebay with the beanie babies soon enough so it is going much lower than 6K. Why are the bitcoin fans not talking about it? Generally people tell you about their smart gambles, not the ones they lose. You hear about bitcoin when it is going well, crickets when it isn't.
If bitcoin hits $100k you won’t see me on here saying I told you so. I also won’t whine about being down or panic when the price drops.

Just quietly buying and hodling and many others out there are doing the same.

Bitcoin is doing just fine even without mandatory 15 minute pauses in trading and $1.5 trillion created out of thin air to aid in market liquidity. When stocks plummet people crow about having hoped for a crash so they can buy stocks on sale. When bitcoin does the same, it is dead (again.)
Anon9001
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Anon9001 »

bitdocmd wrote: Fri Mar 13, 2020 9:29 am
z3r0c00l wrote: Fri Mar 13, 2020 8:27 am Will be on Ebay with the beanie babies soon enough so it is going much lower than 6K. Why are the bitcoin fans not talking about it? Generally people tell you about their smart gambles, not the ones they lose. You hear about bitcoin when it is going well, crickets when it isn't.
If bitcoin hits $100k you won’t see me on here saying I told you so. I also won’t whine about being down or panic when the price drops.

Just quietly buying and hodling and many others out there are doing the same.

Bitcoin is doing just fine even without mandatory 15 minute pauses in trading and $1.5 trillion created out of thin air to aid in market liquidity. When stocks plummet people crow about having hoped for a crash so they can buy stocks on sale. When bitcoin does the same, it is dead (again.)
Honestly you need to be very careful with holding Bitcoins. They are 10 years old very young asset class with a very high possibility of going to zero in the next 10 years. Do not put more than 1-3% of your money in it. Just because it didn't in the past says nothing about the future. I am bullish on it currently but not bullish enough to be delusional. It needs more time before I am confident enough to put more than single digits of my money in it. I will say the way it keeps moving up and down daily helps me ignore stock market fluctations so I am thankful for putting money in it just for that reason alone.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by z3r0c00l »

cheezit wrote: Fri Mar 13, 2020 8:34 am
beastykato wrote: Fri Mar 13, 2020 5:09 am It's down no more than the rest of the markets are though. Seems to be in line with everything else.
What? It's down twice as much as as equity markets over the last month.
Down about 75% from all time high, inflation adjusted. So it is like the great depression for bitcoin even if it holds at the current price which I doubt it will. Meanwhile the dollar and other currencies are moving a few percent per year at the most. Remember this is meant to replace the dollar, not stocks. Comparing it to stock volatility is way too generous to bitcoin. No way I would use bitcoin even if it is was merely as volatile as stocks. And yet it is worse than stocks, something like pink sheet biotechs where you have limited liquidity, limited transparency, and rampant fraud. I have no problem if people are gambling to try and make money off the next greater fool. I just don't like the odds enough to try it myself, lest I become the last, greatest fool.
Last edited by z3r0c00l on Fri Mar 13, 2020 9:56 am, edited 1 time in total.
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firebirdparts
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by firebirdparts »

Oh, come on, bitcoin is doing fine. If gold went down 75% we’d say “well, it was just rocks after all.” Bitcoin is not even real rocks.
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AnalogKid22
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by AnalogKid22 »

I posted this in Bitcoin Talk.

At the time the price was just under 10K and this guy was questioning whether a Rolex or a single bitcoin would be a better investment over 10 years. It's certainly tempting and would be oh, so painful if his prediction is true to have not gotten in now, but I prefer to stick with the Boglehead philosophy.
beastykato
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by beastykato »

Not sure where some of these numbers are coming from lol.

It was at 9k last I looked and 6k after i saw this thread.... that's down 1/3.

I haven't even looked at the exact amount the markets are down right now but my friends portfolios and mine were all down somewhere between 20-30% in our 401k's.

So, seems like it's pretty much in line...
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by sailaway »

beastykato wrote: Fri Mar 13, 2020 10:18 am Not sure where some of these numbers are coming from lol.

It was at 9k last I looked and 6k after i saw this thread.... that's down 1/3.

I haven't even looked at the exact amount the markets are down right now but my friends portfolios and mine were all down somewhere between 20-30% in our 401k's.

So, seems like it's pretty much in line...
Even if it were in line, proponents claim that it is a stable investment, better than cash.
beastykato
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by beastykato »

I definitely don't agree with that and I hold some BTC. I think it's all cool as hell and I have used it to buy merchandise and have made quite a bit on it.

I definitely don't think BTC is a hedge, yet, and may never be. I like crypto but I'm definitely not advocating anyone make this a primary holding. 5% is the max I'd allocate to something as speculative as this. If there were a recession/depression to come from the current activity in the markets BTC will definitely tank.

But BTC is stil 6 times higher than when i entered it in 2017 and still twice as high as when it crashed last time down to ~3k i think? I don't remember the exact date but that was like a year ago or so. People trying to portray it as this worthless asset and/or "omg so much losing in btc dumb dumbs" clearly haven't looked back a little bit.
Anon9001
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Anon9001 »

beastykato wrote: Fri Mar 13, 2020 10:29 am I definitely don't agree with that and I hold some BTC. I think it's all cool as hell and I have used it to buy merchandise and have made quite a bit on it.

I definitely don't think BTC is a hedge, yet, and may never be. I like crypto but I'm definitely not advocating anyone make this a primary holding. 5% is the max I'd allocate to something as speculative as this. If there were a recession/depression to come from the current activity in the markets BTC will definitely tank.

But BTC is stil 6 times higher than when i entered it in 2017 and still twice as high as when it crashed last time down to ~3k i think? I don't remember the exact date but that was like a year ago or so. People trying to portray is as this worthless asset and/or "omg so much losing in btc dumb dumbs" clearly haven't looked back a little bit.
5% is too much for this. I would say 1-2%. The volatility of this thing makes the stock market look like bonds :oops:

Just because it is higher than the past means nothing. It is very young at 10 years. Who is to say it won't go to zero after 10 years? We have 100 years of stock market history yet we can't make any conclusions on whether ERP exists or not.
rich126
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by rich126 »

You do realize what the phrase "safe haven" means? It means something tried and true where people feel their money will be safe. Why would anyone thing bitcoin is a safe haven? It has no reliable history. The vast majority of the people on the planet would never consider buying it and very few think it is safe. It isn't even safe from hackers.

Bitcoin is very much like buying a lottery ticket, you have no clue what you are buying. It can be and has been manipulated by people.

And I'm not one against doing some speculating such as buying options, futures but at least you are buying something that produces earnings. The only real interesting thing about bitcoin is the technology behind it.

There seems to be a group of people that believe some new currency will take over the world and replace all currencies. Well we are long, long, away from that.
protagonist
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by protagonist »

Bitcoin is the last thing I would ever invest in.
That said, didn't it start at $1 in 2009, right after the crash ? I wish my 2009 US dollars were worth $3848 each....)

Call it schadenfreude perhaps, but I would love to see it get back to that level.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by tesuzuki2002 »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.

But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.

For context Bitcoin went to $12k earlier in 2019, and $20k during the bubble just before it popped.

I'm glad I procrastinated buying bitcoin, I own zero coins.
It was in the mid 3K range too!!! I hope you all picked up some more!!! Already a big gain! :sharebeer :moneybag
guyinlaw
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by guyinlaw »

protagonist wrote: Fri Mar 13, 2020 11:16 am Bitcoin is the last thing I would ever invest in.
That said, didn't it start at $1 in 2009, right after the crash ? I wish my 2009 US dollars were worth $3848 each....)

Call it schadenfreude perhaps, but I would love to see it get back to that level.
Bitcoin
now - $5,250
1 month ago - ~$10,000
8 months ago - $13,000
1 year ago - $4,000
5 years ago - $264
---
why would you buy Bitcoin? It doesn't hold value when you need it.. It has dropped 50% when stocks have dropped as well..

It is interesting that Gold has dropped 8.6% over last 5 days..
Time is your friend; impulse is your enemy. - John C. Bogle
muddlehead
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by muddlehead »

$6k is $6k higher than it should be.
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fatFIRE
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by fatFIRE »

rich126 wrote: Fri Mar 13, 2020 11:05 am You do realize what the phrase "safe haven" means? It means something tried and true where people feel their money will be safe. Why would anyone thing bitcoin is a safe haven? It has no reliable history. The vast majority of the people on the planet would never consider buying it and very few think it is safe. It isn't even safe from hackers.

Bitcoin is very much like buying a lottery ticket, you have no clue what you are buying. It can be and has been manipulated by people.

And I'm not one against doing some speculating such as buying options, futures but at least you are buying something that produces earnings. The only real interesting thing about bitcoin is the technology behind it.

There seems to be a group of people that believe some new currency will take over the world and replace all currencies. Well we are long, long, away from that.
It's a safe haven because it's algorithmically controlled. That means the process of coin mining is insulated from anything in this world (as long as the algo doesnt get cracked). That was the point why people thought it would be the next gold. And unlike gold, it cannot be confiscated. Well it can... but you can always hide bitcoin but not gold.
peskypesky
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by peskypesky »

I swore I would finally buy Bitcoin if the price ever went down to $5k. But nah. I have no more faith in it than I ever had.
Northern Flicker
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Northern Flicker »

anon9001 wrote: Both are speculative assets. The only thing differeinating them is one been around for long periods of time and the other is a baby at 10 years.
Many other differences.

1. Gold is rare— there is a limited amount, which made it useful in times past to make coins that could not be reproduced easily. On the other hand, there is no limit on the number of cryptocurrencies that may exist.

2. Gold is a physical object that you can have in your possession, and transact with another party independent from the functioning of other institutions. When banks failed in the 1920’s, people with physical gold in their possession had a store of value. While the bitcoin implementation tried to replicate that behavior, the reality is that if the only people you could transact with had to have the technical know-how to set up their own blockchain instance in the distributed pool, it would be a very limited pool of buyers and sellers, and the implementation does not appear to be scalable to the broad population in that manner anyway.

Thus, most bitcoin speculators deposit funds at bitcoin exchanges run generally by bitcoin miners. These are unregulated and uninsured. Most bitcoin owners cannot unilaterally transact without an intermediary as advertised. The exchange where the bitcoin owner deposited cash to buy a bitcoin (or received a bitcoin in a transaction) can transact in that manner on their behalf.

3. Cryptocurrencies also carry a theoretical risk of the cryptographic cipher being broken.

There are, however, a couple of significant similarities between bitcoin and gold.

1. Both can be stolen from you. Your bitcoins are only as secure as the exchange where they are held.

2. Transactions in which either physical gold, bitcoins, or for that matter, physical cash are used are very difficult to reverse if transaction terms are not fulfilled fully.

FDIC or NCUA regulated banking institutions, SEC-regulated mutual fund companies, and SEC & FINRA-regulated brokers, and credit card issuers offer protections you don’t get with gold in a safe, cash in your mattress, or bitcoins at an exchange, or when those things are used in a transaction.
Risk is not a guarantor of return.
cheezit
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by cheezit »

fatFIRE wrote: Fri Mar 13, 2020 12:42 pm It's a safe haven because it's algorithmically controlled. That means the process of coin mining is insulated from anything in this world (as long as the algo doesnt get cracked).
Enough of the global hashrate is in China that Xi Jinping doesn't need to crack the crypto - he can dial up a 51% attack whenever he wants.


With regards to hiding bitcoin, I will only say that doing so in a way that doesn't expose you to just plain losing all your bitcoin yourself is very difficult, and even the ways that work are vulnerable to rubber-hose cryptanalysis.
rich126
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by rich126 »

This is a timely article.
https://www.cnn.com/2020/03/13/tech/sim ... index.html
Some of the most high-profile SIM hijacks have targeted people with money stored in cryptocurrency exchanges. Ross had approximately $1 million stored in two exchanges when he was attacked, according to a report by investigators.
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StormShadow
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by StormShadow »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.
I truly, really thought Bitcoin was a stupid fad.

Would rather have gold... or stocks... or bonds... or paperclips.
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arcticpineapplecorp.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by arcticpineapplecorp. »

good to hear it held it's value in a time of national crisis.
Bitcoin loses half of its value in two-day plunge:

The world’s most widely held cryptocurrency dropped below $4,000 Friday, knocking off half of its value over two days.

https://www.cnbc.com/2020/03/13/bitcoin ... lunge.html
And that's just half it's value in two days. Remember folks, it reached a high of around $20,000 at the end of 2017. That means when it got to $4000 it lost 80% of it's value since 2017. Now there's a currency that holds its value!
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
Investor1212
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Investor1212 »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.

But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.

For context Bitcoin went to $12k earlier in 2019, and $20k during the bubble just before it popped.

I'm glad I procrastinated buying bitcoin, I own zero coins.
The reason why bitcoin fell is because it is considered by the market to be a risk asset, not a safe haven like Treasuries or gold. It has been that way for a long time.

An easy way to see that bitcoin is worthless is to recognize that anyone can create a cryptocurrency and engineer it to be limited in quantity. Nothing is special about bitcoin. It cannot be a safe haven like gold because it is not a tangible commodity.
ARoseByAnyOtherName
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by ARoseByAnyOtherName »

fatFIRE wrote: Fri Mar 13, 2020 12:42 pm
rich126 wrote: Fri Mar 13, 2020 11:05 am You do realize what the phrase "safe haven" means? It means something tried and true where people feel their money will be safe. Why would anyone thing bitcoin is a safe haven? It has no reliable history. The vast majority of the people on the planet would never consider buying it and very few think it is safe. It isn't even safe from hackers.

Bitcoin is very much like buying a lottery ticket, you have no clue what you are buying. It can be and has been manipulated by people.

And I'm not one against doing some speculating such as buying options, futures but at least you are buying something that produces earnings. The only real interesting thing about bitcoin is the technology behind it.

There seems to be a group of people that believe some new currency will take over the world and replace all currencies. Well we are long, long, away from that.
It's a safe haven because it's algorithmically controlled. That means the process of coin mining is insulated from anything in this world (as long as the algo doesnt get cracked).
Insulated from anything in this world... except for:

The price of electricity
The availability and cost of GPUs, FPGAs, and ASICs

Did I miss... well... anything? (Pun intended.)
oldfort
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by oldfort »

fatFIRE wrote: Fri Mar 13, 2020 12:42 pm
rich126 wrote: Fri Mar 13, 2020 11:05 am You do realize what the phrase "safe haven" means? It means something tried and true where people feel their money will be safe. Why would anyone thing bitcoin is a safe haven? It has no reliable history. The vast majority of the people on the planet would never consider buying it and very few think it is safe. It isn't even safe from hackers.

Bitcoin is very much like buying a lottery ticket, you have no clue what you are buying. It can be and has been manipulated by people.

And I'm not one against doing some speculating such as buying options, futures but at least you are buying something that produces earnings. The only real interesting thing about bitcoin is the technology behind it.

There seems to be a group of people that believe some new currency will take over the world and replace all currencies. Well we are long, long, away from that.
It's a safe haven because it's algorithmically controlled. That means the process of coin mining is insulated from anything in this world (as long as the algo doesnt get cracked). That was the point why people thought it would be the next gold. And unlike gold, it cannot be confiscated. Well it can... but you can always hide bitcoin but not gold.
Bitcoin can't be confiscated? What? Apparently, $1.1 billion in cryptocurrency was stolen in this year. Mt. Gox lost what was $450 million at the time, and maybe billions more if you count the appreciation of bitcoin. And these are criminal groups, which lack the power and resources of the FBI/FSB/MSS.


https://www.cnbc.com/2018/06/07/1-point ... to-do.html
https://en.wikipedia.org/wiki/Mt._Gox
Last edited by oldfort on Sat Mar 14, 2020 9:49 am, edited 2 times in total.
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Forester
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Forester »

Bitcoin is mostly of interest to Bitcoin owners. Anyone who is sceptical of Bitcoin's real world utility is supposedly misguided. Do Bitcoin evangelists really care about a better currency / store of value or are they more interested in personal gain from flipping their Bitcoin for a big profit.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by willthrill81 »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.
Because gold and possibly BTC are, to some extent, a sort of 'anti-dollar'. The current crisis has almost nothing to do with widespread concern about the dollar failing in any way.
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freewill404
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The Bitcoin situation

Post by freewill404 »

[merged this post and replies into the existing topic - moderator prudent]

The world must've gone crazy to buy USD with their BTC at a time when the Fed is effectively doubling ALL of QE since 2009 over the next couple of weeks...

[image removed - moderator prudent]

This margin call selling by institutionals presents us, retail investors, with a once-in-a-lifetime buying opportunity.

Change my mind.
nocebo
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Re: The Bitcoin situation

Post by nocebo »

love me some btc but it's a different animal. it isn't an either/or situation.... if you have the powder, you can be in both.
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Re: The Bitcoin situation

Post by Anon9001 »

This is a joke right? Bitcoins are a young asset class with the possibility of going to zero. There is no way to tell if the price you are paying currently is actually cheap or expensive due to the lack of earnings. If you are interested in Gold though this asset is not a replacement for Gold yet due to it's lack of liquidity compared to Gold. I just place this in my speculative bucket of 5% and don't hope anything more out of it.
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Re: The Bitcoin situation

Post by fwellimort »

As novel as the concept of bitcoin is (and I work in the tech industry who is a millennial who have taken courses in college related to crypto), uhmm... what's different between bitcoin and an imaginary coin I claim myself as limited on a computer at end of day.

With stocks, with enough shares, you can have influence on a company such as Alphabet or Amazon. And some of those companies give back dividends with USD.
USD is backed by the "full faith of the US govt" and pretty much every other govt out there (due to being a global reserve currency). Even if the concept of fiat might be something one might not agree with, USD gets you food on the table. It gets you an iPhone. A laptop. A place to stay.
And if I actively try to go against the USD, I have to be willing to get labeled as a terrorist to a country that has enough military power to wipe out the world a few times over.

With bonds, again, I am getting some sort of fixed income in USD.

With bitcoin.... what do I get out of it? What does it build? Do I get some sort of 'tool' such as USD that helps me get food on the table? An iPhone? I'm not really sure. It seems almost as useful as my imaginary currency I claim myself as limited on my brain.

If I am to speculate, there are materials such as silver and gold.
Something at least tangible and some materials by having actual practical applications in the real world.
For instance, Silicon has intrinsic value in society because it is critical to build electronics with.
It's fun to hold and see tangible goods and at worst case scenario, some of these materials can be used to develop products that are wanted by society.

Could you explain to me what bitcoin brings to the table outside its concept?
I really don't understand.
Speculations can make a lot of money or lose a lot of money.
I don't disagree with such but no matter how I try to see it, bitcoin by itself has no intrinsic value.
Stocks/Bonds have value because it gives you a dividend of a 'tool' that lets you buy goods and services around the world.
Precious metals have value because they are tangible and some have real world applications in building goods (and some can even act as nice physical jewelries!).
Real estate have value because it gives you control over a piece of land.
Bitcoins have value because... (could you fill in this for me).

I really want to know. Back in college, even my professor who studied in crypto all her life told the class she has absolutely no idea of what bitcoin really does.
I just want to know in the perspective of someone who is into bitcoins.
It seems bitcoin is not really a currency but more of a product that you wish someone buy at a higher price. Almost like a ponzi scheme cause there's no 'value' it brings by itself except the value of someone paying more for it in times of need. Also, it already as a currency to me is a failure because it's so volatile AND it's so hard to trade (according to those who have had it). A currency that has trouble with liquidity? No thanks personally unless you can really convince me.
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Re: The Bitcoin situation

Post by thx1138 »

freewill404 wrote: Sat Mar 14, 2020 7:22 am The world must've gone crazy to buy USD with their BTC at a time when the Fed is effectively doubling ALL of QE since 2009 over the next couple of weeks...
Can you walk us through this?

How are the repo operations of the next few weeks somehow equivalent to QE?

Also explain how the previous QE was beneficial to BTC like assets?
This margin call selling by institutionals presents us, retail investors, with a once-in-a-lifetime buying opportunity.
I'm guessing based on the post title you mean a buying opportunity for BTC? Seems like a buying opportunity for lots of assets. Why BTC in comparison to those other assets also affect by margin calls? BTC is a vanishingly small part of the market after all...
Change my mind.
In my experience people who use this phrase have no interest in changing their mind.
freewill404
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Re: The Bitcoin situation

Post by freewill404 »

thx1138 wrote: Sat Mar 14, 2020 7:48 am How are the repo operations of the next few weeks somehow equivalent to QE?
Are you seriously claiming we're not easening at this point? :shock:
thx1138 wrote: Sat Mar 14, 2020 7:48 am Also explain how the previous QE was beneficial to BTC like assets?
Have you not seen the graph?
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firebirdparts
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Re: The Bitcoin situation

Post by firebirdparts »

fwellimort wrote: Sat Mar 14, 2020 7:34 am As novel as the concept of bitcoin is (and I work in the tech industry who is a millennial who have taken courses in college related to crypto), uhmm... what's different between bitcoin and an imaginary coin I claim myself as limited on a computer at end of day.
What's the problem with this? Gold is just rocks.

It's collectible. You either collect it or you don't. All you have to do, and you'll be fine, is to understand what collectible price behavior is like and why. When somebody tells you that bitcoin is something *other than* an ethereal collectible, that's a dumb person. You ignore that person.
A fool and your money are soon partners
thx1138
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Re: The Bitcoin situation

Post by thx1138 »

freewill404 wrote: Mon Mar 16, 2020 6:54 am
thx1138 wrote: Sat Mar 14, 2020 7:48 am How are the repo operations of the next few weeks somehow equivalent to QE?
Are you seriously claiming we're not easening at this point? :shock:
Definitely QE now!
freewill404 wrote: Mon Mar 16, 2020 6:54 am
thx1138 wrote: Sat Mar 14, 2020 7:48 am Also explain how the previous QE was beneficial to BTC like assets?
Have you not seen the graph?
Which one is that? Right now after the QE announcement BTC is down.
Ferdinand2014
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Ferdinand2014 »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.

But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.

For context Bitcoin went to $12k earlier in 2019, and $20k during the bubble just before it popped.

I'm glad I procrastinated buying bitcoin, I own zero coins.
Why? Because bitcoin is not an investment. It does not produce anything. The owner of Bitcoin hopes someone else is willing to pay more. It has no use as currency, commodity, investment, industrial, collectible or productive use except as a way for thieves to launder money.
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Anon9001
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Anon9001 »

Ferdinand2014 wrote: Mon Mar 16, 2020 7:50 am
fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.

But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.

For context Bitcoin went to $12k earlier in 2019, and $20k during the bubble just before it popped.

I'm glad I procrastinated buying bitcoin, I own zero coins.
Why? Because bitcoin is not an investment. It does not produce anything. The owner of Bitcoin hopes someone else is willing to pay more. It has no use as currency, commodity, investment, industrial, collectible or productive use except as a way for thieves to launder money.
I do think you are too pessimistic on the Bitcoins. There is a certain country so powerful that they prohibit certain countires they dislike from using their currency and hence locking them out of the global financial system because other countries do not want to anger it for fear of sanctions. These countries are all diverse countries that have no way of getting money from abroad via conventional methods so Bitcoins is the only method for them. This should be the only reason why it will not go to zero.
bitdocmd
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by bitdocmd »

fatFIRE wrote: Thu Mar 12, 2020 2:36 pm I truly, really thought Bitcoin would be the next gold and safe haven.

But in this crazy corona-time, Bitcoin is down back to $6000. Why? And GLD has dropped only 5%.

For context Bitcoin went to $12k earlier in 2019, and $20k during the bubble just before it popped.

I'm glad I procrastinated buying bitcoin, I own zero coins.
Bitcoin sounds cheap. May want to pick some up just in case it catches on.

bitdocmd
freewill404
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Re: The Bitcoin situation

Post by freewill404 »

thx1138 wrote: Mon Mar 16, 2020 7:46 am Which one is that? Right now after the QE announcement BTC is down.
:happy

It is a temporary liquidity crunch.

Bitcoin did alright since the QE that effectively birthed it. Again, take a look at the charts and judge for yourself.
thx1138
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Re: The Bitcoin situation

Post by thx1138 »

freewill404 wrote: Mon Mar 16, 2020 4:21 pm
thx1138 wrote: Mon Mar 16, 2020 7:46 am Which one is that? Right now after the QE announcement BTC is down.
:happy

It is a temporary liquidity crunch.

Bitcoin did alright since the QE that effectively birthed it. Again, take a look at the charts and judge for yourself.
I still don't know what chart you are talking about.
freewill404
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Re: The Bitcoin situation

Post by freewill404 »

thx1138 wrote: Mon Mar 16, 2020 5:37 pm I still don't know what chart you are talking about.
You could take a wild guess. BTC/USD, 2010 till today.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Prahasaurus »

I hold Bitcoin, and still way ahead on my investment, and I'm thinking of adding a lot more at this price point. I hardly think it falling to 5k means the Bitcoin experiment is over.

We are still very early in a global recession, one that will fundamentally change how many governments operate. Americans, especially, will see how badly their government has responded to a global pandemic compared to other countries, and demand major changes. I think you will see the healthcare industry completely transformed. Although it will be a decade long process.

I am also curious how negative interest rates in a world drowning in debt will impact how people view Bitcoin as a storage of wealth. I suppose that depends on how things play out over the coming months.

This pandemic is only beginning. It hasn't even hit Brazil and India in any meaningful way. That will be a disaster unlike anything we've seen, high density of people and little health care... And even within the USA, it's still early. New York City will likely go down in about a week. Who knows how that will impact markets, but it's going to be very rocky.
Asset Allocation: 50% cash (USD), 30% VT, 20% Bitcoin
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Anon9001 »

Prahasaurus wrote: Tue Mar 17, 2020 3:52 am I hold Bitcoin, and still way ahead on my investment, and I'm thinking of adding a lot more at this price point. I hardly think it falling to 5k means the Bitcoin experiment is over.

We are still very early in a global recession, one that will fundamentally change how many governments operate. Americans, especially, will see how badly their government has responded to a global pandemic compared to other countries, and demand major changes. I think you will see the healthcare industry completely transformed. Although it will be a decade long process.

I am also curious how negative interest rates in a world drowning in debt will impact how people view Bitcoin as a storage of wealth. I suppose that depends on how things play out over the coming months.

This pandemic is only beginning. It hasn't even hit Brazil and India in any meaningful way. That will be a disaster unlike anything we've seen, high density of people and little health care... And even within the USA, it's still early. New York City will likely go down in about a week. Who knows how that will impact markets, but it's going to be very rocky.
Bitcoins are trading below their cost of mining at least according to cryptocurrency websites which would not be biased against bitcoins. The halving should make it even more un-profitable. Good luck on this if you have more than 1%. We might see Bogleheads ending up right on this.
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by Sandtrap »

cheezit wrote: Fri Mar 13, 2020 8:34 am
beastykato wrote: Fri Mar 13, 2020 5:09 am It's down no more than the rest of the markets are though. Seems to be in line with everything else.
What? It's down twice as much as as equity markets over the last month.
+1
Down and falling.
j :happy
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watchnerd
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by watchnerd »

Sandtrap wrote: Fri Mar 20, 2020 4:48 pm
cheezit wrote: Fri Mar 13, 2020 8:34 am
beastykato wrote: Fri Mar 13, 2020 5:09 am It's down no more than the rest of the markets are though. Seems to be in line with everything else.
What? It's down twice as much as as equity markets over the last month.
+1
Down and falling.
j :happy
Maybe people are realizing that having money in something they can't really buy anything with is a problem.
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rbaldini
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by rbaldini »

What are we supposed to be talking about?
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watchnerd
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by watchnerd »

rbaldini wrote: Fri Mar 20, 2020 5:07 pm What are we supposed to be talking about?
The fact that you can't buy toilet paper with Bitcon.
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freewill404
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Re: Bitcoin is around $6k... why is nobody talking about this?

Post by freewill404 »

Smells of dinosaurs in here. You didn't even bother to get to understand what it is and what it does, showing an absolute lack of intellectual humility. Let's see how this pans out for you.

Best of luck with your 401k's!
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