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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    34.8%
  2. Passing Fad

    65.2%
  1. Sajan

    Sajan Member

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    @DonnyMost
    Pullback in sept, then rally in october....cycle top in Q4......then the bear market?
     
  2. DonnyMost

    DonnyMost Member

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    That's as valid of a guess as anything if you want to try and time the market.

    Of course just buying and holding is an auto-win, so do that instead.
     
    Sajan likes this.
  3. Sajan

    Sajan Member

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    Haven't sold any BTC. Just been buying.

    ETH flipped once. Holding some now..deciding whether to flip it during this cycle top..
     
  4. DonnyMost

    DonnyMost Member

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    Trying to time Bitcoin's price is a difficult task.

    Trying to time -insertrandomshitcoinhere-'s price vs. Bitcoin is an impossible task.

    Just wash your hands of it and move on.
     
  5. Space Ghost

    Space Ghost Member

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    just smile, nod and remind them their guess is as good as any.

    if a position must be closed out before end of year, do it around Dec 7-10. Even that could be baked in.

    anyone expecting massive drawdown by q126 might be in for a surprise.
     
  6. Sajan

    Sajan Member

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    I don't know if i consider ETH a shitcoin..

    But ya I get your point.
    I see it as BTC...............................................ETH.

    and whatever shitcoins are out there.
     
  7. DonnyMost

    DonnyMost Member

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    Ethereum isnt just a shitcoin, it's the shitcoin that most other shitcoins spawned from.

    The trail of red flags eth has left in its wake is insane. Don't walk, run.
     
  8. Sajan

    Sajan Member

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    Ubiquitin likes this.
  9. DaDakota

    DaDakota Fight Facism
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    So someone shorted Bitcoin and Ethereum and got more than 200m - ruining some people in the process.

    Crypto is a get rich quick scheme that takes advantage of the lawlessness of it, and should be regulated just like everything else.

    DD
     
    Rashmon likes this.
  10. Ubiquitin

    Ubiquitin Member
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    My favorite conspiracy theory is that it was Barron Trump.
     
    dmoneybangbang likes this.
  11. DonnyMost

    DonnyMost Member

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    The SEC had a chance to classify ETH as a security, as they should have, but they **** the bed.

    It's not a problem with Bitcoin, a commodity controlled by no one, that Trump and those in his orbit are slimy turds.
     
  12. Xerobull

    Xerobull ...and I'm all out of bubblegum

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    I think I should have bought held my Bitcoin when I heard about it in 2013.
     
  13. DonnyMost

    DonnyMost Member

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    I made my first significant buys (that I held) in BTC in 2019.

    I thought I was "late" then.
     
  14. Space Ghost

    Space Ghost Member

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    It took me awhile, but I no longer view Ethereum as a threat to anything ... more of the opposite. It complements bitcoin.

    There might be a lot of shitcoinery going on with it, but the same happens in the bitcoin space. Just look at all these BTC (bitcoin treasury companies) the OG bitcoiners have been investing in.

    That said, I don't advocate 'investing' in Ethereum. I suggest IBIT for the average person.
     
  15. Space Ghost

    Space Ghost Member

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    This little story is important to understand about Bitcoin in general. Massive amounts of capital flowed into Texas due to cheap energy. When we look at second order effects of the energy industry, we discover the fuel to generation capability is skewed. We have an abundance of energy but just enough generation power to keep the grid humming along at a nice profitable rate that serves everyone.
    Investors realized they could invest in new generators, often that take months to years to build, and use bitcoin miners to fund the projects. Its been wildly successful even spite the onslaught from uneducated protestors who claim its wasted energy. It takes more than a couple articles to fully understand the space.
    Fast forward to today - Billions and billions of dollars are flowing into AI. At first, there was not enough silicon. However the forward thinkers understood electrons were going to be the bottleneck, not the actual chips. There is simply not enough energy generation (we still have plenty of fuel) to power these AI farms w/out upsetting the energy market.

    Enter the hated bitcoin miners - Over the last 4 years, Bitcoin miners have successfully setup massive energy hubs. (again, dumb people called this wasted energy.) Its important to understand that Bitcoin is a deflationary technology. It can only survive by chasing the cheapest energy. Texas energy is no longer cheap. AI companies are willing to pay premiums for the power generation secured and owned by the Bitcoin mining companies. AI companies will continue to buy this established energy source and the physical miners will be relocated to cheaper energy locations all around the globe.

    What needs to be understood is that w/out the Bitcoin miners coming in years ago bolstering the texas energy sector AND Texas embracing this venture, Texas would have lost a great amount opportunity to other places. California is losing the AI race to Texas due to terrible rules and regulation, the same rules and regulations short sighted people wanted to place in Texas.

    Pacific NW isn't a thriving hotspot because of stupid liberal policy. Its because of the massive amounts of cheap hydro energy. Companies like Amazon and Microsoft would not be housing their hardware in Seattle.

     
  16. DonnyMost

    DonnyMost Member

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    Ethereum complements Bitcoin the same way oil complements water or feces complements food.

    Centralized garbage that exists to obfuscate and dilute. It is greed and hubris manifest.

    There is no "space" on Earth that is safe from grifters and scammers, so that's not a measuring stick worth using.

    I suggest FBTC for the average person, because the last thing we need is more leverage on Coinbase.
     
  17. Xerobull

    Xerobull ...and I'm all out of bubblegum

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    I don't suffer from the 'it's too late' or 'I missed the bus' syndrome that most people do. Still, I'll wait for the next bear cycle to reenter the BTC market.
     
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  18. Sajan

    Sajan Member

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    Most likely next year...
     
  19. Sajan

    Sajan Member

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    hmm. valid point.

     
  20. DonnyMost

    DonnyMost Member

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    Two questions.

    1) Do you mean "re-enter" as in continue buying or starting over?

    2) It's tempting to think you can time the market but it's just as likely that either A) there will be no more bear markets or B) the next bear floor will be higher than the price we have now.

    Buy. Hold. Borrow. Die.

    Don't overcomplicate things.
     
    Space Ghost likes this.

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