Bitcoin explosion and ALT coins thread

[Pride23]

I could be wrong, and granted I have a small position in Bitcoin in case I am but this seems like the world's largest ponzi scheme. The coins are only worth what the next person is willing to pay for it. If they really do become worth 500k a coin, how are people even going to transact with it, nobody will use it for daily things. It's basically like people hoarding this thing that isnt even tangible and a new one can be created out of thin air as well. What's stopping someone from making another crypto, nothing.

 

[Cool Hand Luke]

Ya. Going to pay it off.

if it hits 100k, me too

 

[rj144]

I could be wrong, and granted I have a small position in Bitcoin in case I am but this seems like the world's largest ponzi scheme. The coins are only worth what the next person is willing to pay for it. If they really do become worth 500k a coin, how are people even going to transact with it, nobody will use it for daily things. It's basically like people hoarding this thing that isnt even tangible and a new one can be created out of thin air as well. What's stopping someone from making another crypto, nothing.

You don't trade whole coins... it's fractional. I mean you don't always have to spend dollars in integer amounts do you?

And anything is only worth what someone will pay for it.

 

[Henry Swanson]

I could be wrong, and granted I have a small position in Bitcoin in case I am but this seems like the world's largest ponzi scheme. The coins are only worth what the next person is willing to pay for it. If they really do become worth 500k a coin, how are people even going to transact with it, nobody will use it for daily things. It's basically like people hoarding this thing that isnt even tangible and a new one can be created out of thin air as well. What's stopping someone from making another crypto, nothing.

I was curious about this myself and looked into it. You can buy fractional Bitcoin. Lowest denomination is called a “satoshi” which is 0.00000001 of a Bitcoin. To your other point I’m not sure.

 

[Pride23]

You don't trade whole coins... it's fractional. I mean you don't always have to spend dollars in integer amounts do you?

And anything is only worth what someone will pay for it.

I understand that, but what am I going to be sending .0001 bitcoin for a slice of pizza.

Not the case, there are investments in actual companies or properties which are valued on their future cash flow, some pay dividends or rental income and then you have bitcoin which is valued like Art. How much the next person will pay.

 

[rj144]

I understand that, but what am I going to be sending .0001 bitcoin for a slice of pizza.

Not the case, there are investments in actual companies or properties which are valued on their future cash flow, some pay dividends or rental income and then you have bitcoin which is valued like Art. How much the next person will pay.

Yes, you can send that for a slice of pizza. You realize the base currencies of many nations are a fraction of a USD, right? And then they're are fractions of those.

Again, anything you ever buy is based on what someone will pay for it. Crypto is based on blockchain which is very useful for internet transactions. So it isn't based on art.

 

[Pride23]

Yes, you can send that for a slice of pizza. You realize the base currencies of many nations are a fraction of a USD, right? And then they're are fractions of those.

Again, anything you ever buy is based on what someone will pay for it. Crypto is based on blockchain which is very useful for internet transactions. So it isn't based on art.

I understand that, do you understand its not realistic for everyday people to transact with Bitcoin. Especially when the average person will never own any. It's wealthy people just hoarding it waiting to sell it for more later.

And again there are investments that actually produce cash and dividends and valued based off of that, not based off of what the next guy is willing to pay.

 

[Lubaolong]

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.

Bitcoin's price is being run up by a bunch of criminal market manipulators. It's likely close to another bust because law enforcement is now investigating Tether and the company behind it. Once the people behind this are indicted, Bitcoin will crash.

 

[cmw43]

I was thinking about investing maybe 2-3 K. Worth it? Or is this too small?

I'd wait until the next big drop.

 

[rj144]

I understand that, do you understand its not realistic for everyday people to transact with Bitcoin. Especially when the average person will never own any. It's wealthy people just hoarding it waiting to sell it for more later.

And again there are investments that actually produce cash and dividends and valued based off of that, not based off of what the next guy is willing to pay.

https://www.jpmorganchase.com/news-stories/could-blockchain-have-great-impact-as-internet#:~:text=What's Blockchain?,creating an unalterable transaction log.

And dividends are based on stock value which is also what someone will pay.

 

[Pride23]

https://www.jpmorganchase.com/news-stories/could-blockchain-have-great-impact-as-internet#:~:text=What's Blockchain?,creating an unalterable transaction log.

And dividends are based on stock value which is also what someone will pay.

You are special.

 

[rj144]

You are special.

You're even more special.

 

[Pride23]

You're even more special.

Thank you.

 

[rj144]

Thank you.

You're welcome. Do you have an actual retort to my last real post?

 

[IloveTHIS]

Every time I think about bitcoin I want to kill myself

Thanks TS. And congrats(srs)

 

[DespicablePeep]

I could be wrong, and granted I have a small position in Bitcoin in case I am but this seems like the world's largest ponzi scheme. The coins are only worth what the next person is willing to pay for it. If they really do become worth 500k a coin, how are people even going to transact with it, nobody will use it for daily things. It's basically like people hoarding this thing that isnt even tangible and a new one can be created out of thin air as well. What's stopping someone from making another crypto, nothing.

Are you joking? You can buy fractions lol Bitcoin behaved like gold in this pandemic, its free from government control and people cannot print bitcoins at will, its a safe algorithm

There are other bitcoins, like ethereum, but they came way after BTC.

I think a crash could come at any time but BTC is here to stay, don't forget that BTC cannot be traced and its a way for people to hide from gvt

 

[DespicablePeep]

I understand that, do you understand its not realistic for everyday people to transact with Bitcoin. Especially when the average person will never own any. It's wealthy people just hoarding it waiting to sell it for more later.

And again there are investments that actually produce cash and dividends and valued based off of that, not based off of what the next guy is willing to pay.

Paying things with gold is not realistic either, but has always been the go to asset during crisis. BTC can pretty much take its place without the actual physical difficulties of gold.

You are not understanding BTC for what it is

 

[HeffDoesWant]

You don't think china trying to unlink it's self from the US dollar eventually?

You sure put alot of hope in our corrupted government. You would think you be a little aware of what corruption going on RIGHT now with the stimulus bill.


The government is owned by big corps and pharma. You going to eventually have to deal with that reality.

You seem pretty bitter about not owning Bitcoin. All these hedge funds who have been dealing with big amount of money for hundred of years know more than you and me.

No matter what you say, you can't argue why banks, hedge funds, the wealthy, exchanges are accumulating and holding Bitcoin.

These are EXPERTS on building wealth. You need to check your ego .

What's your source for banks acquiring significant bitcoin?

I don't about the others

 

[kenetics]

What's your source for banks acquiring significant bitcoin?

I don't about the others

The biggest bank.
The first cryptocurrency created by a major U.S. bank is here — and it's from J.P. Morgan Chase.

The lender moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business. In trials set to start in a few months, a tiny fraction of that will happen over something called "JPM Coin," the digital token created by engineers at the New York-based bank to instantly settle payments between clients.


Then you got pay pal, blackwater investment , fidelity and many others accumulating Bitcoin and other cryptos .

 

[kenetics]

Bitcoin's price is being run up by a bunch of criminal market manipulators. It's likely close to another bust because law enforcement is now investigating Tether and the company behind it. Once the people behind this are indicted, Bitcoin will crash.

Lol. Just like the dollar right? Alot of criminal activity there too . Good try though.