Bitcoin explosion and ALT coins thread

[Gundarmyx]

It looks like a bubble to me. I just don’t see any reason the prices should go up. The value only increases because people want it and people only want it because they anticipate it’s value increasing. Even if it is a good currency to use it might be better to wait until it’s about equal to a US dollar. Right now it seems too volatile to put money in to. Unless I’m missing something?

The only thing that can make bitcoin crash down to $0 is if somehow it gets hacked. Like if somebody figured out the algorithm and steals people bitcoin from their wallet. If it hasn't happened yet in over 10 years then I don't see how it could happen in the future. Having said that you will always see contractions as high as 80% from time to time but never back down to 0%. So keep buying btc until you read news that it has been hacked(hope it doesn't)

 

[rj144]

There was this fabulously handsome poster named WorldofWarcraft who made a thread on here years ago BEGGING people to buy bitcoin when they were $15 a piece and nobody took his advice.

Absolutely fantastic and legendary thread starter.

Where is that thread?

It seems he bought some to use a Newgroup:

https://forums.sherdog.com/threads/anyone-ever-bought-bitcoin.2411237/

https://forums.sherdog.com/posts/125214995/

"I've made a lot of money with Bitcoin. Not because I'd ever thought it would amount to anything, but I was sitting on a lot of them, then all of a sudden they went from being worth next to nothing to $1600 a pop. I sold most over a period of time. They were literally giving away 10,000 bitcoins to anyone who wanted them when they first came out.

I wish I had taken as much as I can when they were giving them away and nobody wanted them. I'd be worth hundreds of millions now.

It's safe to say BTC is here to stay, even if the feds ban it. It's the preferred currency of the black market and deep web."

 

[kenetics]

It looks like a bubble to me. I just don’t see any reason the prices should go up. The value only increases because people want it and people only want it because they anticipate it’s value increasing. Even if it is a good currency to use it might be better to wait until it’s about equal to a US dollar. Right now it seems too volatile to put money in to. Unless I’m missing something?

It's not a bubble due to big intuitional money and banks investing in it. Their is a reason why they are stocking up.

You need to research Bitcoin more if you think the only reason it's worth is because someone wants it lol.

 

[Lubaolong]

It's not a bubble due to big intuitional money and banks investing in it. Their is a reason why they are stocking up.

You need to research Bitcoin more if you think the only reason it's worth is because someone wants it lol.

It will crash again. The price is totally manipulated. Just wait a few months. I have a hunch the Justice Department will drop the hammer soon.

 

[kenetics]

It will crash again. The price is totally manipulated. Just wait a few months. I have a hunch the Justice Department will drop the hammer soon.

I've seen it crash multiple times already. I have skin in the game so I know a little bit more than the next guy.

The fed is owned by these big money institution. Why would they be accumulating and spending hundred of millions if they didnt know something lol.

The fed most likely going to just tax the exchanges in and out flow of crypto.

 

[faustian]

As some of you know, I've been in crypto for a long time. Bitcoin has broken old highs and is almost at 28k.

Institutional money is pouring in from all directions and I believe it's going to continue to rise.

Now I'm at a crossroads to sell some of my crypto because doing so I could pay off my house.. I'm having a hard time selling any of my Bitcoin because all the years I held it.

I tried to tell my family to invest yrs ago but they didn't listen. Now I'm getting calls from everyone I told lol.

It would be cool to have my house paid off though. My house is valued at $340,000

I'm happy for you that you're doing well atm but what do you expect to happen once the US decides that bitcoin poses an actual threat to the USD?

 

[rj144]

It will crash again. The price is totally manipulated. Just wait a few months. I have a hunch the Justice Department will drop the hammer soon.

Probably, but I doubt it dies. They've tried to get in the way multiple times and it doesn't die... and it's global.

Same can be said about the stock market. It's going to come down soon too.

 

[kenetics]

I'm happy for you that you're doing well atm but what do you expect to happen once the US decides that bitcoin poses an actual threat to the USD?

Bitcoin it's self can't be regulated . It's ingrained in the internet and the fed would need to shut down the internet to shut Bitcoin down.

The fed will most likely tax people trading Crypto on exchanges. This will bring alot of money to the US if they regulate it.

It's my honest belief I think that the fed is controlled by big intuitional money. That's why they do so much for the stock market and the rich.

It's no accident why big intuitional enenties are stocking up on Bitcoin. They know things are going to change in the next 5 years.

 

[Deleted member 499399]

It's not a bubble due to big intuitional money and banks investing in it. Their is a reason why they are stocking up.

You need to research Bitcoin more if you think the only reason it's worth is because someone wants it lol.

Can you explain any reason why the value would go up though? It seems like it's only based on people speculating. You probably spend alot more time than me researching it so maybe you could explain why if it's worth $3000 today why would anyone pay $3001? It seems to me only logical that it should go down as soon as any more is made available on the market by being mined or sold.

 

[rj144]

Can you explain any reason why the value would go up though? It seems like it's only based on people speculating. You probably spend alot more time than me researching it so maybe you could explain why if it's worth $3000 today why would anyone pay $3001? It seems to me only logical that it should go down as soon as any more is made available on the market by being mined or sold.

There's a limited number which can be mined and it gets harder and harder to mine everyday.

 

[kenetics]

Can you explain any reason why the value would go up though? It seems like it's only based on people speculating. You probably spend alot more time than me researching it so maybe you could explain why if it's worth $3000 today why would anyone pay $3001? It seems to me only logical that it should go down as soon as any more is made available on the market by being mined or sold.

There's a finite amount of Bitcoin that can ever be mined from the miners. This amount (blockchain) gets cut every 4 years. It's called the halving. We had a halving in may that cut Bitcoin rewards.

So as people buy and hold Bitcoin the number on the market dissapears. Like I said, all the big intuitional money is gobbling all future coins as we speak. They know it's going to 50x as people want it but can't get it anymore.

Bitcoin was originally invented to protect wealth since current and past currency has ALWAYS failed. The american currency is losing value with all the money printing . The usa dollar inflation will eventually be worth nothing if they continue printing money out of thin air.

 

[nostradumbass]

There's probably going to be dip again in the next few weeks, but it'll likely be double what it is now in the next year.

I threw a few bucks into ethereum earlier tnis year and that's now up to 700. If they drop in the next month I'll throw in some more, otherwise I guess I just missed my window with BTC.

 

[kenetics]

There's probably going to be dip again in the next few weeks, but it'll likely be double what it is now in the next year.

Yup. I agree, there will be a healthy correction. Every time Bitcoin corrects it always comes back with a higher new low and a high.

 

[TestosterOWN]

I goofed and sold mine to pay for car repairs but it was only like 400 bucks worth at 16k. Wish I kept it. Oh well.

inhave a bunch of Stellar lumens, tezos and xrp. I’ll keep these for years and maybe they will blow up
Some day.

 

[kenetics]

The guy who developed ethereum is pretty damn smart .

 

[rj144]

The guy who developed ethereum is pretty damn smart .

Nakomoto? He developed Bitcoin.

 

[Henry Swanson]

Nakomoto? He developed Bitcoin.

The guy on that podcast though is Vitalik Buterin. He created ethereum.

 

[kenetics]

Nakomoto? He developed Bitcoin.

Yes. Satoshi Nakomoto.

 

[faustian]

Bitcoin it's self can't be regulated .

Bitcoin can in fact be regulated...

This will bring alot of money to the US if they regulate it.

So we agree it can be regulated. And taxation is merely the first measure. The US government -- and many superpowers before them -- have literally waged war over currency

It's ingrained in the internet and the fed would need to shut down the internet to shut Bitcoin down.

It's not the Fed, it's the US government. They wouldn't need to shut the internet down in order to crack down on Bitcoin enough so as to completely devalue it

It's my honest belief I think that the fed is controlled by big intuitional money. That's why they do so much for the stock market and the rich.

The Fed is controlled and empowered by the US government

It's no accident why big intuitional enenties are stocking up on Bitcoin. They know things are going to change in the next 5 years.

Institutional investors stocked up on toxic MBSs during the housing bubble. Has little to do with the actual value of the underlying asset

The second Bitcoin moves from a mere store of value into something resembling an actual currency, it will become subject to the full force of the US government. Currency is serious business; a government is only as powerful as its monopolization of currency (because when you control the money, you control the people). The USD is by definition the only legal tender in the US and everything else only exists insofar as the US government allows it to exist

 

[Snackbar]

No, around 10k at that time. And bought some every year after. The gains are crazy. I think last time looked I was up like 14,000 percent . Lol....

So you're sitting on 3.5 mill worth of bitcoins and are wondering if you should cash out a bit to pay off your 100k mortgage?

Never change Sherdog.