Economy Bitcoin dead. Bagholders got conned. Update: it died again. Bagholders are still LOSERS

Most people who use btc do not care if it’s $20,000 or $3,000 since we use coin to purchase things. What I care for is stability as it sucks to purchase btc and lose 20% value before you can even use the coins.
 
Ophydian said:
Most people who use btc do not care if it’s $20,000 or $3,000 since we use coin to purchase things. What I care for is stability as it sucks to purchase btc and lose 20% value before you can even use the coins.
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Hence Bitcoin cannot function as an effective medium of trade. Borrowing and lending in Bitcoin would be impossible if its value can balloon 1000% in one year then drop 80% the next 10 months. The number of retailers accepting Bitcoin is also constantly shrinking due to cost and difficulty of transaction. Lastly, the method of which Bitcoin is mined ensures that there won't be enough currency for an expanding economy. You need your money supply to expand constantly to adapt with the market.
 
Orgasmo said:
Hence Bitcoin cannot function as an effective medium of trade. Borrowing and lending in Bitcoin would be impossible if its value can balloon 1000% in one year then drop 80% the next 10 months. The number of retailers accepting Bitcoin is also constantly shrinking due to cost and difficulty of transaction. Lastly, the method of which Bitcoin is mined ensures that there won't be enough currency for an expanding economy. You need your money supply to expand constantly to adapt with the market.
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It is like buying something at Target. You pick something off the shelf and walk to the check out line. By the time you get there the price has doubled because your currency has halved. This happened with Steam. A lot of orders that by the time the order was put through the price of btc had changed and it had to be done again. With fees all the way down. Steam dropped it a long time ago because of that.

You will hear rumors about being able to use it at Starbucks and other companies but those rumors are usually 99% false.

And you are right about the Gold Standard. That is stupid and static. The world is a dynamic place and monetary policy has to keep up with it. Bitcoin would be like a gold standard.
 
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Orgasmo said:
Hence Bitcoin cannot function as an effective medium of trade. Borrowing and lending in Bitcoin would be impossible if its value can balloon 1000% in one year then drop 80% the next 10 months. The number of retailers accepting Bitcoin is also constantly shrinking due to cost and difficulty of transaction. Lastly, the method of which Bitcoin is mined ensures that there won't be enough currency for an expanding economy. You need your money supply to expand constantly to adapt with the market.
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I get what you’re throwing down but it’s the only currency I want to use for certain purchases.
 
Prokofievian said:
Bitcoin is trading about 50% of cost to mine the bitcoin. So why are people still mining it? Why wouldn't miners just purchase bitcoin until the price was at least at cost again?
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i beleive it varies in which country you are in and how much electricity costs. there are probably some countries where it is still viable to mine it as long as you sell it right away. who knows how low it's going to go and how quickly.
 
Buy Buy Buy!!!!!!

I actually got in at around $7K and road it up to nearly double. I then sold my initial investment off and kept my profits in COINBASE to just let it ride. I am still up, but that margin is less and less and less. It's a long hold for fun at this point.
 
Whippy McGee said:
Buy Buy Buy!!!!!!

I actually got in at around $7K and road it up to nearly double. I then sold my initial investment off and kept my profits in COINBASE to just let it ride. I am still up, but that margin is less and less and less. It's a long hold for fun at this point.
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Well you're one of the smarter ones then, since you at least kept your initial investment and played with profit instead. Unfortunately, 90% of suckers lost money.
 
Ophydian said:
I get what you’re throwing down but it’s the only currency I want to use for certain purchases.
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That's fair, but extreme volatility is the bane of a "currency". Currency needs to be stable to maintain its status as a medium of exchange, hence why most central banks in the Western Hemisphere are so keen to keep inflation within 2% to 3% a year. Those regions with double digit inflation will see investments dry up and economy activities slowed down.

For example, if you are able to buy a car for 10 Bitcoins today, and the same amount Bitcoin will only buy a bicycle next year, why would anybody sell the car to you? Same scenario also applies when Bitcoin is going up? I won't let go of my Bitcoin if I can buy a Lamborghini in a year instead of a car today. That's what makes it such a terrible "currency". That's just strictly from the aspect of currency, not taking into account the other problems surrounding cryptos.
 
Orgasmo said:
Well you're one of the smarter ones then, since you at least kept your initial investment and played with profit instead. Unfortunately, 90% of suckers lost money.
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Yeah.... my friend that got me into the whole block chain chase has lost at least $10K that I know of. He's been whining pretty hard over the last week.
 
Buying bitcoin now is like buying at 200$ when it fell from 1,200$ In 2013-2014

If the naysayers were right it would have never gone from 200$ to 20k after the mtgox hack

Do you research and homework
 
Just gonna add a little more fuel to the fire

Ohio becomes the first state to officially accept cryptocurrencies as businesses now able to pay their taxes in BITCOIN
https://www.makawai.com/2018/11/26/...-state-to-officially-accept-cryptocurrencies/

1lb1h1.jpg
 
THEfightsAREfixed said:
Buying bitcoin now is like buying at 200$ when it fell from 1,200$ In 2013-2014

If the naysayers were right it would have never gone from 200$ to 20k after the mtgox hack

Do you research and homework
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I agree with the premise. I think there will be more blood. I am of the belief bitcoin must "die" to live. The market is in need of regulation and to aid in that the shit coins must go to zero. A lot more pain is needed. Maybe years of it. In any case, I've taken a good deal of profit on my shorts. I will be buying on the way down with escalating positions inside of certain volume wells. The bottom is not going to be where crypto twitter and their phony wave counts call it. I thought there would be a longer period of consolidation in this area but it seems they want to keep slamming it down. I am wanting cheap (relative) XRP.
 
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MTT said:
I agree with the premise. I think there will be more blood. I am of the belief bitcoin must "die" to live. The market is in need of regulation and to aid in that the shit coins must go to zero. A lot more pain is needed. Maybe years of it. In any case, I've taken a good deal of profit on my shorts. I will be buying on the way down with escalating positions inside of certain volume wells. The bottom is not going to be where crypto twitter and their phony wave counts call it. I thought there would be a longer period of consolidation in this area but it seems they want to keep slamming it down. I am wanting cheap (relative) XRP.
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Good on you for getting short and taking your profit, when the market turns around on high volume a lot people going to lose their shirts. I wouldn't be getting into a short now, and I wouldn't invest in XRP, although it is tradeable it's not a good investment imo for many reasons I'm sure you are aware of.

Look at the volume profile, the big boys bought bitcoin all the way up and then pulled the buy support and haven't sold, when they start buying again they going to grab up the weak hands bags and once this goes over 20k again it's going for another 10-20x all time high.

Of course I could be completely wrong though, but I've followed the market for a few years and have a basic understanding of the technology and landscape. I draw my own charts and studied the magical lines and esoteric shit.

Either way I'm very interested to see how the next few months go I think there will be action and I'm going to start dipping my toes back into the speculation game.
 
THEfightsAREfixed said:
I wouldn't invest in XRP, although it is tradeable it's not a good investment imo for many reasons I'm sure you are aware of.
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I'm aware of the FUD surrounding it. It has a real shot at dethroning SWIFT in the area of remittances and cross-border settlements. SWIFT need Ripple not the other way around. I have no issue with a "bankster" coin. I trade to make USD, regardless of what it is I am trading. There is a 40%+ savings over SWIFT (up to 70% paired with Xcurrent) when banks use XRP to settle between two currencies. The FUD says banks will not use Xrapid and I disagree. If Ripple succeeds so will XRP.
 
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MTT said:
I'm aware of the FUD surrounding it. It has a real shot at dethroning SWIFT in the area of remittances and cross-border settlements. A year ago I wasn't sold on it but they are consistently hitting it out of the park. I have no issue with a "bankster" coin. I trade to make USD, regardless of what it is I am trading. There is a 40%+ savings over SWIFT (up to 70% paired with Xcurrent) when banks use XRP to settle between two currencies. The FUD says banks will not use Xrapid and I disagree. If Ripple succeeds so will XRP.
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You could be right, as long as you manage your risk and protect yourself there's no harm in being ready to ride that wave.

I just know the history of Ripple and how it's marketing itself to noobs and talked to a lot of people who are clueless and gung ho on it for only meme reasons. It was a a fraction of a cent when I got into crypto and they were handling it out for free and paying exchanges to add it, could have made a fortune with it and ether on their crazy bull runs but I'm a bitcoin maximalist tbh so I have a hard time with getting behind a lot of alts.
 
THEfightsAREfixed said:
You could be right, as long as you manage your risk and protect yourself there's no harm in being ready to ride that wave.

I just know the history of Ripple and how it's marketing itself to noobs and talked to a lot of people who are clueless and gung ho on it for only meme reasons. It was a a fraction of a cent when I got into crypto and they were handling it out for free and paying exchanges to add it, could have made a fortune with it and ether on their crazy bull runs but I'm a bitcoin maximalist tbh so I have a hard time with getting behind a lot of alts.
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Yeah, I am confident in my knowledge and risk management. All around this is a superb market to trade. Many weak hands. Many people using very basic TA. Many people being lead off a cliff. Hopefully, I remember this thread when the next run occurs, even if that is 5 years from now.
 
Hopefully new GPUs will cost less than $1200 now... but probably not because of the Trump tariffs.

Thanks Trump.
 
MTT said:
Yeah, I am confident in my knowledge and risk management. All around this is a superb market to trade. Many weak hands. Many people using very basic TA. Many people being lead off a cliff. Hopefully, I remember this thread when the next run occurs, even if that is 5 years from now.
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Rofl at the way you people talk about these things as if they’re legit assets.
 
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