BitCoin

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December 7th, 2022 at 5:39:56 PM permalink

Quote: billryan
Quote: AZDuffman
Quote: Mission146

Should a person who does not own Bitcoin buy it right now, yes or no, if yes, then why?
link to original post

A person should be dollar cost averaging into it. Consider it the same as your sports betting bankroll. Same with ETH.
link to original post

If you dollar cost average for the last five years, where would you be?
link to original post

I mean, I don�t consider crypto equivalent to an Index fund anyway? I also have a concern that, as trends one, so might trend them all.

I also think crypto is a confidence game. The idea of an investment is that, at some point, it will have a higher price than it did when you bought it, or relative to the average cost per share/unit.

I want to know if someone should buy BTC now based on a belief that it will be worth more than it is now in several years. If someone believes that, then why?

This should not be a hard question if BTC is a great investment.

https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

AxelWolf

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December 7th, 2022 at 5:41:52 PM permalink

Quote: Mission146

Should someone who does not own any buy it today? If yes, then why?

Only if you want to get rich. 😉

But seriously. I think having a BTC wallet/access to BTC and knowing how to use it is absolutely +EV.

Have you ever been in a situation where BTC would've come in handy either sending or receiving something of value?

♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

Mission146

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December 7th, 2022 at 5:46:08 PM permalink

I�ve had situations where people only wanted to deal in Bitcoin.

That�s not really investing though, because if I did get paid for something in Bitcoin, I�d sell it as immediately as possible. All of it.

https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

darkoz

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December 7th, 2022 at 6:14:24 PM permalink

Quote: Mission146
Quote: billryan
Quote: AZDuffman
Quote: Mission146

Should a person who does not own Bitcoin buy it right now, yes or no, if yes, then why?
link to original post

A person should be dollar cost averaging into it. Consider it the same as your sports betting bankroll. Same with ETH.
link to original post

If you dollar cost average for the last five years, where would you be?
link to original post

I mean, I don�t consider crypto equivalent to an Index fund anyway? I also have a concern that, as trends one, so might trend them all.

I also think crypto is a confidence game. The idea of an investment is that, at some point, it will have a higher price than it did when you bought it, or relative to the average cost per share/unit.

I want to know if someone should buy BTC now based on a belief that it will be worth more than it is now in several years. If someone believes that, then why?

This should not be a hard question if BTC is a great investment.
link to original post

You have already convinced yourself that it is a con game so why bother? It's like trying to convince an evangelical why God most likely doesn't exist. Good luck!

But imo Bitcoin will rise as people buy in at the lower price. Not because it's a collectible and until you wrap your head around that you won't be convinced.

They will buy low so they can buy more when the price rises. As it rises they will use Bitcoin for purchasing (if you buy at $16,000 and it's now $20k you can buy $4000 more than before).

The rise in purchasing means more mining. Each transaction creates more mining. As the mining rises so to does the price and as the price rises more there are more people doing transactions.

Of course the opposite is true. If the price starts dropping then people don't want to use Bitcoin for transactions (who wants to buy when it's at a lower value). Less transactions means less mining and bam you have a bad downward cycle like we are in.

So what caused the current downward cycle. Was there a catalyst that can be pinpointed? (Like your example of Covid affecting the airlines).

Well yes, China had a lot of mining farms for Bitcoin and suddenly decided to shut them down. Less mining (or more difficulty in mining), and the price goes down because the mining is important for the transactions. And you begin the downward spiral as described above.

For Whom the bus tolls; The bus tolls for thee

billryan

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December 7th, 2022 at 6:47:07 PM permalink

Quote: AxelWolf
Quote: Mission146

Should someone who does not own any buy it today? If yes, then why?
Only if you want to get rich. 😉

But seriously. I think having a BTC wallet/access to BTC and knowing how to use it is absolutely +EV.

Have you ever been in a situation where BTC would've come in handy either sending or receiving something of value?
link to original post

Once, and only because the person insisted on using it and agreed to cover the fees. Other than that, I have zero need for it.
Paypal and Zelle work fine for me and have zero variance. Why anyone wants or needs a deregulated pseudo-currency escapes me. It's the currency of scam artists, as has become crystal clear to anyone who follows the trail of bankruptcies.
It's as if someone discovered gold and everyone wanted it; only the gold petered out so they switched to gold plated and people still bought, so they changed to lead, and people still bought, because they read on the internet, it will be worth $250,000 Soon. Just not this year,or next year, but soon. You read it here.

The difference between fiction and reality is that fiction is supposed to make sense.

darkoz

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December 7th, 2022 at 7:07:56 PM permalink

Quote: billryan
Quote: AxelWolf
Quote: Mission146

Should someone who does not own any buy it today? If yes, then why?
Only if you want to get rich. 😉

But seriously. I think having a BTC wallet/access to BTC and knowing how to use it is absolutely +EV.

Have you ever been in a situation where BTC would've come in handy either sending or receiving something of value?
link to original post

Once, and only because the person insisted on using it and agreed to cover the fees. Other than that, I have zero need for it.
Paypal and Zelle work fine for me and have zero variance. Why anyone wants or needs a deregulated pseudo-currency escapes me. It's the currency of scam artists, as has become crystal clear to anyone who follows the trail of bankruptcies.
It's as if someone discovered gold and everyone wanted it; only the gold petered out so they switched to gold plated and people still bought, so they changed to lead, and people still bought, because they read on the internet, it will be worth $250,000 Soon. Just not this year,or next year, but soon. You read it here.
link to original post

I'm glad that historically the US dollar hasn't ever been involved in scams, Ponzi schemes or bankruptcies.

It would make me hesitant to use cash money if they were.

For Whom the bus tolls; The bus tolls for thee

billryan

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December 7th, 2022 at 9:22:53 PM permalink

Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?

The difference between fiction and reality is that fiction is supposed to make sense.

darkoz

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December 7th, 2022 at 9:38:00 PM permalink

Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

You really should try and read and understand what you read when you reply to me. It's probably why you never get anything right in our discussions.

For you to actually believe that US money wasn't involved in any Ponzi scheme like Bernie Madoff is remarkable. I suppose you believe he was doing beanie babies Ponzi?

I never said the US government was involved. I said the US dollar! That you read that in your head shows you don't understand what you read.

You said Bitcoin is a Ponzi scheme but have supplied zero proof of that. If you think FTX IS Bitcoin then you also believe that Bernie Madoff IS the US government or you just have such little comprehension on the subject that all your posts are at a third grade understanding.

For Whom the bus tolls; The bus tolls for thee

AZDuffman

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December 8th, 2022 at 4:11:55 AM permalink

Quote: OnceDear
Quote: AZDuffman
Quote: Mission146

Should a person who does not own Bitcoin buy it right now, yes or no, if yes, then why?
link to original post

A person should be dollar cost averaging into it. Consider it the same as your sports betting bankroll. Same with ETH.
link to original post
DCA= the investors martingale.
link to original post

How is that? DCA you buy more at lower price and less at a higher price. You keep a budget. BTC has had higher lows almost every year since it came out so DCA works perfect,

All animals are equal, but some are more equal than others

Mission146

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December 8th, 2022 at 4:20:30 AM permalink

Quote: AZDuffman
Quote: OnceDear
Quote: AZDuffman
Quote: Mission146

Should a person who does not own Bitcoin buy it right now, yes or no, if yes, then why?
link to original post

A person should be dollar cost averaging into it. Consider it the same as your sports betting bankroll. Same with ETH.
link to original post
DCA= the investors martingale.
link to original post

How is that? DCA you buy more at lower price and less at a higher price. You keep a budget. BTC has had higher lows almost every year since it came out so DCA works perfect,
link to original post

I know what the previous results of the Roulette wheel were because there�s a board telling me. I think DCA is a reasonable strategy for investing in Index Funds or a broad spectrum of individual companies if you want to be extremely passive.

I don�t think BTC is a very good investment for passive investors because it�s a confidence game and it doesn�t follow normal rules. It�s possible that the price drops and never recovers.

I�m not saying it will. I�m not even saying BTC won�t gain. I don�t know and that�s why I could never buy it. That�s the same reason why if someone came and asked me what I like right now I�d tell them I don�t like anything in particular.

https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

DRich

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December 8th, 2022 at 4:20:56 AM permalink

Quote: billryan

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?

The answer is probably YES. There may be better crypto's for this but if you are trying to hide monetary transactions crypto still seems the best way. Obviously stay away from the exchanges and just trade person to person.

At my age, a "Life In Prison" sentence is not much of a deterrent.

AZDuffman

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December 8th, 2022 at 5:49:07 AM permalink

Quote: Mission146

I don�t think BTC is a very good investment for passive investors because it�s a confidence game and it doesn�t follow normal rules. It�s possible that the price drops and never recovers.

I�m not saying it will. I�m not even saying BTC won�t gain. I don�t know and that�s why I could never buy it. That�s the same reason why if someone came and asked me what I like right now I�d tell them I don�t like anything in particular.
link to original post

BTC is indeed not for your old aunt who lives with a bunch of cats. It is not for the guy working at the cracker factory just hanging on. But it is not a confidence game anymore than the USD is. The US government regularly trades in it. It has been around over a decade. It has utility.

But it is also still in a "wild west" stage, at this time call it the late 1870s, still wild but being clamped down. Wyatt Earp has not had enough agitation quite yet.

This thread will be interesting at the next halving in 2024. We likely will be seeing the same posters saying how it fell from $300,000 to $50,000 and you need to get out of it.

All animals are equal, but some are more equal than others

billryan

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December 8th, 2022 at 6:16:10 AM permalink

Quote: AZDuffman
Quote: Mission146

I don�t think BTC is a very good investment for passive investors because it�s a confidence game and it doesn�t follow normal rules. It�s possible that the price drops and never recovers.

I�m not saying it will. I�m not even saying BTC won�t gain. I don�t know and that�s why I could never buy it. That�s the same reason why if someone came and asked me what I like right now I�d tell them I don�t like anything in particular.
link to original post

BTC is indeed not for your old aunt who lives with a bunch of cats. It is not for the guy working at the cracker factory just hanging on. But it is not a confidence game anymore than the USD is. The US government regularly trades in it. It has been around over a decade. It has utility.

But it is also still in a "wild west" stage, at this time call it the late 1870s, still wild but being clamped down. Wyatt Earp has not had enough agitation quite yet.

This thread will be interesting at the next halving in 2024. We likely will be seeing the same posters saying how it fell from $300,000 to $50,000 and you need to get out of it.
link to original post

That might mean something if you were willing to follow thru, yet you refuse a simple bet that it won't hit $30,000.
Your claim is it will hit 250-300K in 2024 , but you won't bet it will double in that time. Seems like you have zero confidence in your own words.

The difference between fiction and reality is that fiction is supposed to make sense.

AxelWolf

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December 8th, 2022 at 6:17:53 AM permalink

Quote: billryan

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?

As in anything like this, including stocks or investments, I think the answer would greatly depend on one's situation and what they are trying to accomplish. You know Funkydoctor AKA Doc, as do a number of others here. Call him and ask him why. He is fairly bullish on BTC as an investment. Lots of Advantage Players seem to be bullish on BTC, I guess they are all just idiots.

I just know it's significantly useful to me and it does what I want it to do. It has value, I can sell or trade it for cash, goods, and services, therefore it's valuable to me. I don't see any reason I shouldn't be diversified and crypto is part of my diversification.

the online casino business is worth 100s of billions, which includes not just gamblers, but all the affiliates, etc. Bitcoin has had a huge impact on online gambling and it's growing. Most online casinos offer you more whenever you use BTC because they save so much on fees and eliminate chargebacks. For that reason alone, BTC is here to stay.

♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

Mission146

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December 8th, 2022 at 7:09:14 AM permalink

All of these things are fine. For people with money, you can dapple a little in highly speculative things with a percentage of your overall portfolio. I appreciate that some people are bullish on it.

I just want to know, why, based on fundamentals or for predictable market or mechanical reasons, someone who does not own BTC today should buy it expecting it to go up long term. Darkoz said:

Quote: DarkOz
You have already convinced yourself that it is a con game so why bother? It's like trying to convince an evangelical why God most likely doesn't exist. Good luck!

But imo Bitcoin will rise as people buy in at the lower price. Not because it's a collectible and until you wrap your head around that you won't be convinced.

They will buy low so they can buy more when the price rises. As it rises they will use Bitcoin for purchasing (if you buy at $16,000 and it's now $20k you can buy $4000 more than before).

The rise in purchasing means more mining. Each transaction creates more mining. As the mining rises so to does the price and as the price rises more there are more people doing transactions.

Of course the opposite is true. If the price starts dropping then people don't want to use Bitcoin for transactions (who wants to buy when it's at a lower value). Less transactions means less mining and bam you have a bad downward cycle like we are in.

So what caused the current downward cycle. Was there a catalyst that can be pinpointed? (Like your example of Covid affecting the airlines).

Well yes, China had a lot of mining farms for Bitcoin and suddenly decided to shut them down. Less mining (or more difficulty in mining), and the price goes down because the mining is important for the transactions. And you begin the downward spiral as described above.

I have no idea why DarkOz thinks that I am of the impression that Bitcoin is a collectible.

That aside, DarkOz feels that there are going to be a lot of people buying at this price, which will create demand, and this demand will cause the price to increase over time. He seems to be saying that they will buy, eventually sell and cash out gains, then buy again...or something. I don't quite get what he's trying to say in the next paragraph. If you buy at 16k and hold, then it hits 20k, he says you can buy 4k more Bitcoin...but you would already be holding the Bitcoin, so what is it you are, "Buying more," with?

Like, if you have 10,000 shares of stock and the stock gains, the change in price doesn't mean you can buy the dollar amount of difference in the new shares; you still have the same shares you originally bought, except they are worth more.

An interesting thing about the mining is that, eventually, there will not be any Bitcoin left to mine. I suppose the defense of the notion that people will get back into mining makes sense as long as mining is still happening. Of course, it makes more sense to mine when the Bitcoin price is high, as opposed to low, so you'd probably want the price to improve before you see a lot of that.

Anyway, I still don't know what about that guarantees it goes up. If it has no fundamental value and the main catalyst being counted on is people perceiving this as being at a low price so they can load up and sell when it rises...but they don't know why they think it has value at the current price aside from that...that's pretty much the definition of what a confidence game is.

And, that's fine. Some people are good at confidence games. Most aren't. If you're not, then my advice would be to avoid.

https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

darkoz

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December 8th, 2022 at 7:48:35 AM permalink

Quote: Mission146
All of these things are fine. For people with money, you can dapple a little in highly speculative things with a percentage of your overall portfolio. I appreciate that some people are bullish on it.

I just want to know, why, based on fundamentals or for predictable market or mechanical reasons, someone who does not own BTC today should buy it expecting it to go up long term. Darkoz said:

Quote: DarkOz
You have already convinced yourself that it is a con game so why bother? It's like trying to convince an evangelical why God most likely doesn't exist. Good luck!

But imo Bitcoin will rise as people buy in at the lower price. Not because it's a collectible and until you wrap your head around that you won't be convinced.

They will buy low so they can buy more when the price rises. As it rises they will use Bitcoin for purchasing (if you buy at $16,000 and it's now $20k you can buy $4000 more than before).

The rise in purchasing means more mining. Each transaction creates more mining. As the mining rises so to does the price and as the price rises more there are more people doing transactions.

Of course the opposite is true. If the price starts dropping then people don't want to use Bitcoin for transactions (who wants to buy when it's at a lower value). Less transactions means less mining and bam you have a bad downward cycle like we are in.

So what caused the current downward cycle. Was there a catalyst that can be pinpointed? (Like your example of Covid affecting the airlines).

Well yes, China had a lot of mining farms for Bitcoin and suddenly decided to shut them down. Less mining (or more difficulty in mining), and the price goes down because the mining is important for the transactions. And you begin the downward spiral as described above.

I have no idea why DarkOz thinks that I am of the impression that Bitcoin is a collectible.

That aside, DarkOz feels that there are going to be a lot of people buying at this price, which will create demand, and this demand will cause the price to increase over time. He seems to be saying that they will buy, eventually sell and cash out gains, then buy again...or something. I don't quite get what he's trying to say in the next paragraph. If you buy at 16k and hold, then it hits 20k, he says you can buy 4k more Bitcoin...but you would already be holding the Bitcoin, so what is it you are, "Buying more," with?

Like, if you have 10,000 shares of stock and the stock gains, the change in price doesn't mean you can buy the dollar amount of difference in the new shares; you still have the same shares you originally bought, except they are worth more.

An interesting thing about the mining is that, eventually, there will not be any Bitcoin left to mine. I suppose the defense of the notion that people will get back into mining makes sense as long as mining is still happening. Of course, it makes more sense to mine when the Bitcoin price is high, as opposed to low, so you'd probably want the price to improve before you see a lot of that.

Anyway, I still don't know what about that guarantees it goes up. If it has no fundamental value and the main catalyst being counted on is people perceiving this as being at a low price so they can load up and sell when it rises...but they don't know why they think it has value at the current price aside from that...that's pretty much the definition of what a confidence game is.

And, that's fine. Some people are good at confidence games. Most aren't. If you're not, then my advice would be to avoid.
link to original post

I think what is frustrating Axel and myself is you think you are avoiding a confidence game but you are just avoiding what you THINK Is a confidence game. Not exactly the same.

You seem confused at my statement about buying and you referred to Bitcoin as shares. They are digital coins to spend on items.

You can use Bitcoin with PayPal.

So let's say I buy a full Bitcoin today for $16,000 US.

Next week it jumps to $20,000 value.

Now I can BUY $20,000 worth of goods on eBay using my now $20,000 worth of Bitcoin.

Of course I wouldn't have any Bitcoin left. But that's no different than if I earned a paycheck for $1000 and then went shopping and spent the money.

I wouldn't consider the $1000 I earned "shares" or an investment. I could use it to invest or just go shopping.

At any rate you seem stuck in its a confidence game mode. I suggest asking yourself if you think eBay and PayPal (owned by same people I believe) would set up trading of a confidence game).

EDIT:. I purchase a lot of stuff from overseas particularly England.

It has happened where the exchange rate has changed such that what I wanted to buy a few days ago has actually risen in US dollars but is still the same amount of pounds. I kick myself for having waited and now I have to spend the extra US currency.

It's that same concept with Bitcoin except it's a lot more volatile.

For Whom the bus tolls; The bus tolls for thee

Mission146

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December 8th, 2022 at 8:02:33 AM permalink

Quote: darkoz

I think what is frustrating Axel and myself is you think you are avoiding a confidence game but you are just avoiding what you THINK Is a confidence game. Not exactly the same.

You seem confused at my statement about buying and you referred to Bitcoin as shares. They are digital coins to spend on items.

You can use Bitcoin with PayPal.

So let's say I buy a full Bitcoin today for $16,000 US.

Next week it jumps to $20,000 value.

Now I can BUY $20,000 worth of goods on eBay using my now $20,000 worth of Bitcoin.

Of course I wouldn't have any Bitcoin left. But that's no different than if I earned a paycheck for $1000 and then went shopping and spent the money.

I wouldn't consider the $1000 I earned "shares" or an investment. I could use it to invest or just go shopping.

At any rate you seem stuck in its a confidence game mode. I suggest asking yourself if you think eBay and PayPal (owned by same people I believe) would set up trading of a confidence game).
link to original post

I'm willing to be convinced otherwise, but I have yet to see anything persuasive. When the main focus of the argument is that people will perceive this as being a value price and load up, thereby creating demand, which will continue to increase the price, thereby creating new interest...that's literally what a confidence game is.

I'm also interested in downside risk. If there was a minimum number you could put on Bitcoin to hit, what would it be, and why? What is it, if BTC were to plunge, that would fundamentally cause it to stabilize at a particular number and not drop below that? Where does the support come from? What can you point to and say, "Bitcoin will not drop ever below this price, or really shouldn't, and this is why it has this minimum value?"

These are extremely fundamental questions that should be asked when you are looking at one investment in isolation. In order to invest wisely, you should be more concerned with the worst-case scenario than you are with the best case scenario, unless a small percentage of your investment profile is purely speculative and your other investments are expected to be such stable gainers that the speculative investment going to zero wouldn't really be a problem in the grand scheme of things.

Anyway, I'm all ears as to why Bitcoin should fundamentally go up long term. I would like to know why the current price is unreasonably low, but I would like to hear some reason other than that you think people will be interested at this price because that doesn't tell me why people should be interested at this price.

That's why I would have no recommendations for anyone at this time. Overall broad market is too good. I think there will be another recession within the next few years and that will be the time for new investors or new money to start taking positions.

I KNOW what Bitcoin is, but if you are buying it and holding as an investment, then it is functionally no different than having shares of a stock.

What you are describing in going from 16k to 20k is functionally no different than saying that you can buy a stock, it goes up, and then you sell it and use the cash to buy stuff. It's literally the same thing, except the BTC replaces the cash and, I suppose, that process is slightly faster.

I think EBay and Paypal like money and get money via fees, so I don't see why they wouldn't if it's easy to implement. If I had a business, I would probably accept Bitcoin (with a 5% add on fee for taking it to cover extremely short-term price fluctuation) and then I would immediately flip the BTC into cash when I did.

https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

SOOPOO

SOOPOO

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December 8th, 2022 at 8:17:42 AM permalink

Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rational reason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.

AZDuffman

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December 8th, 2022 at 12:14:01 PM permalink

Quote: billryan
Quote: AZDuffman
Quote: Mission146

I don�t think BTC is a very good investment for passive investors because it�s a confidence game and it doesn�t follow normal rules. It�s possible that the price drops and never recovers.

I�m not saying it will. I�m not even saying BTC won�t gain. I don�t know and that�s why I could never buy it. That�s the same reason why if someone came and asked me what I like right now I�d tell them I don�t like anything in particular.
link to original post

BTC is indeed not for your old aunt who lives with a bunch of cats. It is not for the guy working at the cracker factory just hanging on. But it is not a confidence game anymore than the USD is. The US government regularly trades in it. It has been around over a decade. It has utility.

But it is also still in a "wild west" stage, at this time call it the late 1870s, still wild but being clamped down. Wyatt Earp has not had enough agitation quite yet.

This thread will be interesting at the next halving in 2024. We likely will be seeing the same posters saying how it fell from $300,000 to $50,000 and you need to get out of it.
link to original post

That might mean something if you were willing to follow thru, yet you refuse a simple bet that it won't hit $30,000.
Your claim is it will hit 250-300K in 2024 , but you won't bet it will double in that time. Seems like you have zero confidence in your own words.
link to original post

I have already bet on it. I own bitcoin. If you want to bet against it there are puts available on some exchange outside the USA I am sure.

All animals are equal, but some are more equal than others

billryan

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December 8th, 2022 at 12:47:30 PM permalink

Quote: AZDuffman
Quote: billryan
Quote: AZDuffman
Quote: Mission146

I don�t think BTC is a very good investment for passive investors because it�s a confidence game and it doesn�t follow normal rules. It�s possible that the price drops and never recovers.

I�m not saying it will. I�m not even saying BTC won�t gain. I don�t know and that�s why I could never buy it. That�s the same reason why if someone came and asked me what I like right now I�d tell them I don�t like anything in particular.
link to original post

BTC is indeed not for your old aunt who lives with a bunch of cats. It is not for the guy working at the cracker factory just hanging on. But it is not a confidence game anymore than the USD is. The US government regularly trades in it. It has been around over a decade. It has utility.

But it is also still in a "wild west" stage, at this time call it the late 1870s, still wild but being clamped down. Wyatt Earp has not had enough agitation quite yet.

This thread will be interesting at the next halving in 2024. We likely will be seeing the same posters saying how it fell from $300,000 to $50,000 and you need to get out of it.
link to original post

That might mean something if you were willing to follow thru, yet you refuse a simple bet that it won't hit $30,000.
Your claim is it will hit 250-300K in 2024 , but you won't bet it will double in that time. Seems like you have zero confidence in your own words.
link to original post

I have already bet on it. I own bitcoin. If you want to bet against it there are puts available on some exchange outside the USA I am sure.
link to original post

What an unexpected response. I'm sure everyone is shocked.

The difference between fiction and reality is that fiction is supposed to make sense.

rainman

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December 8th, 2022 at 12:53:38 PM permalink

Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rational reason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.

billryan

Threads: 240
Posts: 16282

Joined: Nov 2, 2009

December 8th, 2022 at 1:00:11 PM permalink

Quote: rainman
Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rational reason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.
link to original post

I've hungered for many things in my life, a phony currency that is easily manipulated by a half dozen people isn't one of them.
different strokes for different folks, and all that....

The difference between fiction and reality is that fiction is supposed to make sense.

rainman

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December 8th, 2022 at 1:57:51 PM permalink

Quote: billryan
Quote: rainman
Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rationalreason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.
link to original post

I've hungered for many things in my life, a phony currency that is easily manipulated by a half dozen people isn't one of them.
different strokes for different folks, and all that....
link to original post

I'm not stating BC is the answer nor any other Crypto.
I'm saying for many the hunger for a decentralized currency
exists and maybe just maybe Crypto is the first step.

billryan

Threads: 240
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Joined: Nov 2, 2009

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December 8th, 2022 at 2:22:56 PM permalink

Quote: rainman
Quote: billryan
Quote: rainman
Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rationalreason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.
link to original post

I've hungered for many things in my life, a phony currency that is easily manipulated by a half dozen people isn't one of them.
different strokes for different folks, and all that....
link to original post

I'm not stating BC is the answer nor any other Crypto.
I'm saying for many the hunger for a decentralized currency
exists and maybe just maybe Crypto is the first step.
link to original post

I used to deal in bricks of cards and comics so never had or noticed much hunger for it. I still don't.

The difference between fiction and reality is that fiction is supposed to make sense.

DRich

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December 8th, 2022 at 2:48:03 PM permalink

If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.

At my age, a "Life In Prison" sentence is not much of a deterrent.

rainman

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December 8th, 2022 at 3:15:48 PM permalink

Quote: billryan
Quote: rainman
Quote: billryan
Quote: rainman
Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rationalreason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.
link to original post

I've hungered for many things in my life, a phony currency that is easily manipulated by a half dozen people isn't one of them.
different strokes for different folks, and all that....
link to original post

I'm not stating BC is the answer nor any other Crypto.
I'm saying for many the hunger for a decentralized currency
exists and maybe just maybe Crypto is the first step.
link to original post

I used to deal in bricks of cards and comics so never had or noticed much hunger for it. I still don't.
link to original post

The hunger is evidenced by Crypto itself it was created to satisfy this very hunger. If you noticed or not only shapes your
Raelity.

Almost forgot! Did you say you had multiple containers full of
Comics & sold them for 40k Did you ever estimate how many
This is.Good I know a guy story to tell. I don't know what thread it was in.

billryan

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December 8th, 2022 at 3:48:04 PM permalink

Quote: rainman
Quote: billryan
Quote: rainman
Quote: billryan
Quote: rainman
Quote: SOOPOO
Quote: billryan
Which scam,ponzi scheme or bankruptcy has the US perpetrated? I really can't tell if you are just completely oblivious to how currency works, what is happening across the crypto spectrum or if you love to argue losing causes? Neither one is a particularly good look.

Mission asked you a pretty simple question? Should anyone buy bitcoin today, and why?
link to original post

I�ll answer. I don�t know! The same stupid reasons a single block chain equation is worth $17k today will exist in a year. How could I possibly know if the person that will pay $17k today will pay $25k a year from today? Since there is no rationalreason that equation is worth $17k today, why would you need a rational reason for it to be worth $25k a year from now? I can say the same thing about a vintage comic book, a piece of expensive art, an NFT, a beanie baby, etc�.

So the simple answer is if you think there is some societal flaw that causes there to be a reason people think they need bitcoins, it will go up.
link to original post

The flaw that inspired the creation of Bitcoin is Man and his inability to limit his own Delusions of Grandeur
and Power. Humans will always hunger for a currency that cannot be manipulated by the powers that be.
link to original post

I've hungered for many things in my life, a phony currency that is easily manipulated by a half dozen people isn't one of them.
different strokes for different folks, and all that....
link to original post

I'm not stating BC is the answer nor any other Crypto.
I'm saying for many the hunger for a decentralized currency
exists and maybe just maybe Crypto is the first step.
link to original post

I used to deal in bricks of cards and comics so never had or noticed much hunger for it. I still don't.
link to original post

The hunger is evidenced by Crypto itself it was created to satisfy this very hunger. If you noticed or not only shapes your
Raelity.

Almost forgot! Did you say you had multiple containers full of
Comics & sold them for 40k Did you ever estimate how many
This is.Good I know a guy story to tell. I don't know what thread it was in.
link to original post

I sold 15 boxes of SA/BA books for 40K. I then sold 2 boxes of CGC SA books for $25,000. Another lot for $35,000 and then sold the rest of my stock for $60,000. Total sales from the three units exceeded 200K.
Full Overstreet would have been well over $300,000 but would have been a lot of work. My time and effort is worth a lot these days, and getting rid of all that stuff is priceless.

The difference between fiction and reality is that fiction is supposed to make sense.

billryan

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December 8th, 2022 at 4:01:39 PM permalink

Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.

The difference between fiction and reality is that fiction is supposed to make sense.

ChumpChange

ChumpChange

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December 8th, 2022 at 4:34:13 PM permalink

YouTube is buzzing a little with Nigeria limiting ATM withdrawals to $45 per day in an effort to convert the 80% of the population that is unbanked to adopt the new digital currency. Just shut down the banks and get on your phones! Coming to a country near you! "Make Money Wheelbarrows Obsolete!"

rainman

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December 8th, 2022 at 4:44:22 PM permalink

Quote: billryan
Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.
link to original post

Im on board with your technical description of what constitutes
An investment or not. I also can understand why folks believe money in more money out = investment.

I'm still trying to figure what happens to online casino deposits
done in BC if it totally collapses l know a guy who requires keeping moderately large amounts on deposit. Im hoping since it gets converted upon deposit upon collapse they will be honorable and pay out in the appropriate currency.

AZDuffman

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December 8th, 2022 at 4:48:28 PM permalink

Quote: rainman
Quote: billryan
Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.
link to original post

Im on board with your technical description of what constitutes
An investment or not. I also can understand why folks believe money in more money out = investment.

I'm still trying to figure what happens to online casino deposits
done in BC if it totally collapses l know a guy who requires keeping moderately large amounts on deposit. Im hoping since it gets converted upon deposit upon collapse they will be honorable and pay out in the appropriate currency.
link to original post

Said deposits will be converted at the current rate whatever it is. Holders will get their bitcoin as the blockchain should still be there

All animals are equal, but some are more equal than others

billryan

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December 8th, 2022 at 5:43:46 PM permalink

Quote: rainman
Quote: billryan
Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.
link to original post

Im on board with your technical description of what constitutes
An investment or not. I also can understand why folks believe money in more money out = investment.

I'm still trying to figure what happens to online casino deposits
done in BC if it totally collapses l know a guy who requires keeping moderately large amounts on deposit. Im hoping since it gets converted upon deposit upon collapse they will be honorable and pay out in the appropriate currency.
link to original post

I don't think it will ever collapse as there will always be the genius who will buy it at five cents, thinking it can easily get to a dollar since it once was $50,000. The question is at what price do the buyers return? The Big Boys have dumped over 300,000 bitcoin on the market in the last few months, and there just aren't buyers, thus the depressed prices.

The difference between fiction and reality is that fiction is supposed to make sense.

Wizard
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Wizard

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December 8th, 2022 at 7:16:42 PM permalink

Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

I'll bet you $1 billion.

"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)

darkoz

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December 8th, 2022 at 7:31:39 PM permalink

Quote: Wizard
Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

I'll bet you $1 billion.
link to original post

Now that's an AP move.

If Wizard wins his descendants get one billion dollars.

If it fails the one billion dollars is worthless so what does he care his descendants forking it over

For Whom the bus tolls; The bus tolls for thee

AxelWolf

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December 8th, 2022 at 7:45:05 PM permalink

Quote: rainman
Quote: billryan
Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.
link to original post

Im on board with your technical description of what constitutes
An investment or not. I also can understand why folks believe money in more money out = investment.

I'm still trying to figure what happens to online casino deposits
done in BC if it totally collapses l know a guy who requires keeping moderately large amounts on deposit. Im hoping since it gets converted upon deposit upon collapse they will be honorable and pay out in the appropriate currency.
link to original post

It depends on what type of casino. There are Crypto casinos where you deposit and play with crypto, I have very little experience with that type of casino. When you say "amounts on deposit" I am assuming for sports(?) so it's probably not a true crypto casino. Even casinos that have Crypto in the name and claim to be Crypto casinos are not true crypto casinos where you are actually playing with crypto, it just means they accept crypto.

At most online casinos you are depositing via crypto, but your balance is converted into whatever currency they support, so you are no longer tethered to crypto. If crypto goes up you gain nothing, and if crypto goes down you lose nothing. Some online casinos will allow you to deposit and cash out using 2 different methods I.E. Deposit via BTC and cash out Via check by mail.

Most online casinos use crypto payment processors so they don't have much exposure to BTC. However, If an online casino is actually holding the crypto themselves, I would be worried they could go bust during big downswings. Oftentimes online casinos blame bad things on their payment processors.

♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

rainman

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December 8th, 2022 at 11:23:07 PM permalink

Quote: AxelWolf
Quote: rainman
Quote: billryan
Gray Scale's bitcoin Trust is selling at a 48% discount, meaning you can buy into bitcoin at about $8,000 for the true believers.
link to original post

Im on board with your technical description of what constitutes
An investment or not. I also can understand why folks believe money in more money out = investment.

I'm still trying to figure what happens to online casino deposits
done in BC if it totally collapses l know a guy who requires keeping moderately large amounts on deposit. Im hoping since it gets converted upon deposit upon collapse they will be honorable and pay out in the appropriate currency.
link to original post
It depends on what type of casino. There are Crypto casinos where you deposit and play with crypto, I have very little experience with that type of casino. When you say "amounts on deposit" I am assuming for sports(?) so it's probably not a true crypto casino. Even casinos that have Crypto in the name and claim to be Crypto casinos are not true crypto casinos where you are actually playing with crypto, it just means they accept crypto.

At most online casinos you are depositing via crypto, but your balance is converted into whatever currency they support, so you are no longer tethered to crypto. If crypto goes up you gain nothing, and if crypto goes down you lose nothing. Some online casinos will allow you to deposit and cash out using 2 different methods I.E. Deposit via BTC and cash out Via check by mail.

Most online casinos use crypto payment processors so they don't have much exposure to BTC. However, If an online casino is actually holding the crypto themselves, I would be worried they could go bust during big downswings. Oftentimes online casinos blame bad things on their payment processors.
link to original post

The dealings I speak of are Casinos which allow deposit via Bitcoin conversion then withdrawal via Bitcoin.
Not sports Take largest Match available.Bets made to clear are small It takes months Many Stores many
bonuses in play at the same time.
My fear is collapse of BTC. System is totally broke and Governments shut it down if possible. Or Withdrawal
and BTC has failed and there are no buyers.

DRich

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December 9th, 2022 at 4:27:41 AM permalink

Quote: Wizard
Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

I'll bet you $1 billion.
link to original post

I will gladly take $1 billion in gold at the time the bet settles.

At my age, a "Life In Prison" sentence is not much of a deterrent.

Wizard
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Wizard

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December 9th, 2022 at 7:27:16 AM permalink

Quote: DRich
I will gladly take $1 billion in gold at the time the bet settles.
link to original post

You'll get as much gold as $1 billion US will buy in December 2522. If a failed currency can't buy any gold, that will be your problem.

"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)

DRich

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December 9th, 2022 at 12:39:43 PM permalink

Quote: Wizard
Quote: DRich
I will gladly take $1 billion in gold at the time the bet settles.
link to original post

You'll get as much gold as $1 billion US will buy in December 2522. If a failed currency can't buy any gold, that will be your problem.
link to original post

This is beginning to sound like too much trouble for our heirs to deal with. If both you and I are still alive then I will agree to pay you if I lose.

At my age, a "Life In Prison" sentence is not much of a deterrent.

ChumpChange

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December 9th, 2022 at 12:42:56 PM permalink

I hear time machines will become public in 2028. I'm guessing highest bidders only are allowed. It might take away Elon's space flight customers.

TigerWu

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December 9th, 2022 at 12:57:21 PM permalink

Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

The US dollar MIGHT be different because the US is one of the richest and most powerful countries in history. The British Pound is over 1200 years old. Russian Rubles are over 800 years old.

Even so, the US dollar probably won't "fail" as much as just get replaced with something else, which is usually what happens with currency.

unJon

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December 9th, 2022 at 1:19:10 PM permalink

Quote: TigerWu
Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

The US dollar MIGHT be different because the US is one of the richest and most powerful countries in history. The British Pound is over 1200 years old. Russian Rubles are over 800 years old.

Even so, the US dollar probably won't "fail" as much as just get replaced with something else, which is usually what happens with currency.
link to original post

The Ruble stat is misleading. It wasn�t a real currency until 1700s and has been reincarnated and Re dominated several times.

The race is not always to the swift, nor the battle to the strong; but that is the way to bet.

EvenBob

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December 9th, 2022 at 2:16:57 PM permalink

Quote: billryan
The Big Boys have dumped over 300,000 bitcoin on the market in the last few months, and there just aren't buyers, thus the depressed prices.
link to original post

That's it in a nutshell. Bitcoin is not a currency, it's a product for sale. And when buyers of your product start disappearing you are in big trouble. When buyer confidence in a product disappears that product eventually goes away every time. You can prop it up for a while but it never works once the public confidence is gone. Bitcoin was never intended to be a currency it was always intended to be a get-rich-quick scheme disguised as a currency. It always had a shelf life with an expiration date and it lasted longer than I thought it would. But I had no idea the amount of great wealth that was behind it but even that can't last forever as we are seeing.

"It's not called gambling if the math is on your side."

billryan

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December 9th, 2022 at 2:20:28 PM permalink

At a family reunion a few years back, it was suggested the adults contribute $100 each to invest into a fund that wouldn't be touched for five generations. We had roughly $3500 in the fund, but no one could agree on how to invest so we decided to throw another party instead.

The difference between fiction and reality is that fiction is supposed to make sense.

DRich

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December 9th, 2022 at 3:36:41 PM permalink

Quote: TigerWu
Quote: DRich
If anyone wants to make an obscure bet, I will bet that the U.S. Dollar fails within 500 years. Almost every fiat currency created has failed. I don't see why the U.S. Dollar will be any different.
link to original post

The US dollar MIGHT be different because the US is one of the richest and most powerful countries in history. The British Pound is over 1200 years old. Russian Rubles are over 800 years old.

Even so, the US dollar probably won't "fail" as much as just get replaced with something else, which is usually what happens with currency.
link to original post

I believe the British Pound has only been a fiat currency for less than 100 years. I think the US has only been about 50 years.

At my age, a "Life In Prison" sentence is not much of a deterrent.

Wizard
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Wizard

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December 9th, 2022 at 8:19:12 PM permalink

Quote: DRich
This is beginning to sound like too much trouble for our heirs to deal with. If both you and I are still alive then I will agree to pay you if I lose.
link to original post

I don't interpret any debts to fall on our descendants to deal with. Perhaps some advance in medical science or time machines will enable us to resolve the bet in 2522. If there is some dispute in the details, the courts in that year can deal with it. Do we have a bet?

"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)

AxelWolf

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December 9th, 2022 at 9:26:19 PM permalink

Quote: EvenBob
Quote: billryan
The Big Boys have dumped over 300,000 bitcoin on the market in the last few months, and there just aren't buyers, thus the depressed prices.
link to original post

That's it in a nutshell. Bitcoin is not a , it's a product for sale. And when buyers of your product start disappearing you are in big trouble. When buyer confidence in a product disappears that product eventually goes away every time. You can prop it up for a while but it never works once the public confidence is gone. Bitcoin was never intended to be a currency it was always intended to be a get-rich-quick scheme disguised as a currency. It always had a shelf life with an expiration date and it lasted longer than I thought it would. But I had no idea the amount of great wealth that was behind it but even that can't last forever as we are seeing.
link to original post

It is a currency, that's already been established.

There is evidence it had always intended to be a currency.

You have been completely wrong since your first negative post about BTC. As I said before, you are just salty that it was too difficult/complicated for you to obtain and use way back when. It's cost you a small fortune in upwards movement. And, if you are to have us believe you can beat roulette as you claim, you lost out on all that revenue it would've helped generate compounded by upward movement.

Keep trying to convince us and yourself you made a good decision based on your knowledge.
I know you certainly convinced us all you can beat roulette. NOT!!!

♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

billryan

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Joined: Nov 2, 2009

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December 9th, 2022 at 10:05:35 PM permalink

Quote: AxelWolf
Quote: EvenBob
Quote: billryan
The Big Boys have dumped over 300,000 bitcoin on the market in the last few months, and there just aren't buyers, thus the depressed prices.
link to original post

That's it in a nutshell. Bitcoin is not a , it's a product for sale. And when buyers of your product start disappearing you are in big trouble. When buyer confidence in a product disappears that product eventually goes away every time. You can prop it up for a while but it never works once the public confidence is gone. Bitcoin was never intended to be a currency it was always intended to be a get-rich-quick scheme disguised as a currency. It always had a shelf life with an expiration date and it lasted longer than I thought it would. But I had no idea the amount of great wealth that was behind it but even that can't last forever as we are seeing.
link to original post
It is a currency, that's already been established.

There is evidence it had always intended to be a currency.

You have been completely wrong since your first negative post about BTC. As I said before, you are just salty that it was too difficult/complicated for you to obtain and use way back when. It's cost you a small fortune in upwards movement. And, if you are to have us believe you can beat roulette as you claim, you lost out on all that revenue it would've helped generate compounded by upward movement.

Keep trying to convince us and yourself you made a good decision based on your knowledge.
I know you certainly convinced us all you can beat roulette. NOT!!!
link to original post

Established by whom? Bitcoin is not a currency. It is a digital asset whose current use is more like a collectible than anything else. Some might call it a commodity, but it's practical uses are few and easily duplicated by any number of safer options.

The difference between fiction and reality is that fiction is supposed to make sense.

rainman