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ChumpChange
ChumpChange
Joined: Jun 15, 2018
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November 24th, 2022 at 7:09:20 PM permalink
I'd say the FDIC has no way of existing in 2024, but predictions like that may be too soon.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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November 24th, 2022 at 9:22:49 PM permalink
Quote: billryan

A few stats.



Almost two years ago, there were 400,000 bitcoin transactions a day. Today the average is closer to 250,000.

Bitcoin November 26, 2021- 54,572.
Bitcoin November 24, 2022-16, 555 Down 71% for the year
link to original post

I would be willing to bet the no on that and give odds. I already bet the no (and won)on it hitting 100k on or before January 2022.

Would you be willing t be it hits $1 or less before 250k or more in the next five years? Anything in between would be a push.

I'm willing to bet it will be over 16,371 one year from now, are you willing to take that bet? I'm willing to bet it will hit 20k+ before it hits 10k or less.
Last edited by: AxelWolf on Nov 25, 2022
♪♪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♪♪
lilredrooster
lilredrooster
Joined: May 8, 2015
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November 25th, 2022 at 2:21:17 AM permalink
_____________


the link attempts to show that the price trends of BTC and Ethereum follow the stock market

I didn't read the whole article - but I'm certain that the difference is that with crypto the up and down swings are much more extreme


https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-and-ethereum-prices-usually-mirror-the-stock-market-is-that-changing/#:~:text=Over%20the%20last%20year%2C%20crypto,nearly%20one%2Dto%2Done.



.
"believe half of what you see and none of what you hear" - Edgar Allan Poe
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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November 25th, 2022 at 2:46:09 AM permalink
Quote: darkoz

Quote: billryan

So your repeated claim that bitcoin will hit $250,00 next year isn't something you want to bet on?
link to original post



He actually didn't make that claim.

He said next DOUBLING.

He didn't say next year or when it would happen.
link to original post



Correct. I have heard 2024 sometime, which is not next year.

Also correct in the post that said I am already betting on it. It and the two others I mentioned. Although I prefer to say "invest" or "wager" than "bet."
All animals are equal, but some are more equal than others
rxwine
rxwine
Joined: Feb 28, 2010
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November 25th, 2022 at 7:09:57 AM permalink
Bitcoin itself seems more like a wager than an investment.
Fair is fair, if unprovable claims are insisted to be true, one should be able to use unprovable methods of debunking.
billryan
billryan 
Joined: Nov 2, 2009
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November 25th, 2022 at 7:21:25 AM permalink
Whatever happened to people who mean what they say or say what they mean?

The new kool thing is to throw out wild claims and repeat them without actually meaning it.
If I said BT would be X, I would mean it and back up my words.
Instead, we get a nonsensical post like it will be $250,000, and today Cathy Woods claiming it will hit one million dollars per. It's more ridiculous than some guy claiming an 80% hit rate, on a table game but that is where we find ourselves these days. My gawd, who doesn't want to buy something that "an expert" says will go up 6,000% in the next year or so?
Perhaps if we bathe bitcoin in a solution of lemonlabob, it will go up to two million per coin. You heard it here first.
The difference between fiction and reality is that fiction is supposed to make sense.
darkoz
darkoz 
Joined: Dec 22, 2009
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November 25th, 2022 at 7:25:00 AM permalink
I don't understand why people keep asking what is the working output or value of Bitcoin.

It's been discussed before but maybe it's too ethereal for people to grasp.

The output is supposed to be the solving of complex mathematical problems necessary (for some reason I can't fathom but required by someone) and these are too difficult for any human.

THAT'S what is Bitmining. When a solution is found the value for finding it is paid in Bitcoin instead of cash.

You can't hold a mathematical solution in your hand so people on this forum can't see it's value.
.
Which I find extremely strange since this forum is filled with mathematicians. It's like if the Wizard solved a complex math problem and I said show me physically how to sell that because your mental gymnastics are just beanie babies. (No offense to Wizard just making an example of why saying Bitcoin has no value makes no sense to me).

As for the value dropping I do have concerns that it's primarily due to the closure of several Bitcoin mining operations in China. OTOH if it's caused by a physical reason then it shows it can rise again by solving (opening) a new mining location.
For Whom the bus tolls; The bus tolls for thee
darkoz
darkoz 
Joined: Dec 22, 2009
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November 25th, 2022 at 7:30:25 AM permalink
Quote: billryan

Whatever happened to people who mean what they say or say what they mean?

The new kool thing is to throw out wild claims and repeat them without actually meaning it.
If I said BT would be X, I would mean it and back up my words.
Instead, we get a nonsensical post like it will be $250,000, and today Cathy Woods claiming it will hit one million dollars per. It's more ridiculous than some guy claiming an 80% hit rate, on a table game but that is where we find ourselves these days. My gawd, who doesn't want to buy something that "an expert" says will go up 6,000% in the next year or so?
Perhaps if we bathe bitcoin in a solution of lemonlabob, it will go up to two million per coin. You heard it here first.
link to original post



I think that went out the window when you asked anyone to show proof Bitcoin has had any upward motion in the last two years and then simply ignored every time I post that it has because it makes you look bad.

So here it is again, Bitcoin having upwards movement in the last two years. Since you asked for the proof you should have the decency to respond when someone supplies it

For Whom the bus tolls; The bus tolls for thee
Mission146
Mission146 
Joined: May 15, 2012
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November 25th, 2022 at 7:52:26 AM permalink
Quote: lilredrooster

_____________


the link attempts to show that the price trends of BTC and Ethereum follow the stock market

I didn't read the whole article - but I'm certain that the difference is that with crypto the up and down swings are much more extreme


https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-and-ethereum-prices-usually-mirror-the-stock-market-is-that-changing/#:~:text=Over%20the%20last%20year%2C%20crypto,nearly%20one%2Dto%2Done.
.
link to original post



I touched upon this in my article that I linked to a few pages back, so if you want to read that you may or may not enjoy it.

Anyway, Bitcoin doesn't exactly follow the stock market and I have no idea about Etherium. The stock market indices, for example, are certainly not nearly 75% down relative to their all-time highs, as Bitcoin presently is, so I have no idea why anyone would try to make that argument.

Further, for reasons unknown, BTC recovered a lot faster than the market coming out of the pandemic. I think people saw a potential opportunity and got into BTC investing, trading and mining...probably because there wasn't much else to do, but there may have been some catalyst for the quick recovery that I missed.

Anyway, BTC is its own animal and, I conclude, a pure confidence game as it is fundamentally worthless. I guess I can't characterize all crypto like that, as there might be a crypto that's actually tied to something, but I would say that all cryptos not tied to anything are confidence games. In any case, BTC does not follow the stock market and does not behave the way that one would expect a commodity to behave.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
billryan
billryan 
Joined: Nov 2, 2009
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Thanks for this post from:
Mission146
November 25th, 2022 at 7:58:51 AM permalink
The rise in bitcoin seems to have been caused by millions of small investors buying a few hundred dollars of it at a time when the government was handing out checks and paying everyone unemployment. It was the shiny object that caught a bunch of newbies attention. Those "investors" have moved on, and I wonder who will replace them? Daily bitcoin transactions are down roughly a third from their peak, and fewer users is never a good sign. Think AOL or Myspace, without the advertising revenue.
It's not a commodity. Copper is a commodity. Water is a commodity. Most crypto is more akin to a collectible than anything else.
Even so-called stable coins have shown themselves to be anything but.
But, please, buy now. The experts say it will be $250,000 or even a million quickly. It's on the intranet, so it must be true. At least hedge some of your investments with a few lotto tickets.
The difference between fiction and reality is that fiction is supposed to make sense.

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