wilberforce15
Well-Known Member
This is the first year that bitcoin is migrating from a retail phenomenon to an institutional one.
And that's why this run will last.
Bitcoin/Ethereum/cryptocurrencies
- Thread starter 35years
- Start date
And that's why this run will last.
El Correcto
god is dead
Not when investment firms can dump 1% of their war chests into it and make an impact on the market.
I don’t think you people are wrong when saying bitcoin can exceed it’s all time high again.
I just don’t get why you people aren’t selling right now and buying more later after the coins lose 50% of their value in the span of a couple months.
El Correcto
god is dead
This best real world value I’ve seen for bitcoin was as a black market currency for the Silk Road.
wilberforce15
Well-Known Member
Because they're not going to lose 50% of their value in the next few months, and making that bet more likely means you miss the run.
The institutional adoption, institutional buying, the ETF's, are all things that are new to bitcoin and bigger than ever. Selling now is precisely the wrong time.
It's safer than it has ever been right now. It's much, much less risky at 35k than it was at 3.5k.
El Correcto
god is dead
I’ve heard this one before. It was right before bitcoin plummeted after hitting it’s last ath.
wilberforce15
Well-Known Member
And every person who claimed he could make a machine fly was wrong. Until one wasn't.
The blockchain is open. Everyone sees the transactions. Whale-sized wallets over 1000 coins each are increasing daily. Grayscale, Paypal, Square, etc. buy far more bitcoin per day than can ever be produced.
Institutional daily demand far exceeds daily production, and that's just raw fact. It was never true before.
El Correcto
god is dead
I’m not saying you’re wrong. I’ve said it before, bitcoin can lose 50% of its value and the bulls can still be right long term growth of its value.
Im just predicting a sell off crash of people saying hey I paid 5k for this coin that has a history of volatility that’s now worth over 40k, that’s enough I’m out. I’m going to diversify this new found wealth into different investments.
Brownslave688
You want a toe? I can get you a toe.
Money printer go berrrerrrr
wilberforce15
Well-Known Member
They've had 3 weeks to sell high. Any retail holder who is remotely interested in selling has already done so. The big selloff was a valid fear. But it's been three weeks of holding this price despite lots of retail dumps.
Institutions are eating more and more every day. We can see it right there in the liquidity supply. It's at a record low, and demand is only increasing.
El Correcto
god is dead
This is exactly what I was talking about with the diamond cartels. They were diamond “hodlers” or whatever. Literally vault full of diamonds and setting limits on how many were put into circulation.
wilberforce15
Well-Known Member
Yet any amount of meaningful adoption means prices will rise no matter what short term games anyone plays. BTC is very unevenly distributed. But we know little of some of those accounts. I'd guess half of the biggest bitcoin collections are sitting at the bottom of some landfill.
The diamond cartels had to do that because they were in danger of having a market flooded with supply. So it had to be rounded up, limited, enforced, and released only to their advantage.
Gold, diamonds, etc. are subject to massive supply shocks with new discoveries, horders releasing some, etc. Bitcoin isn't nearly as subject to that.
Brownslave688
You want a toe? I can get you a toe.
“Put into circulation” yes they were making it look there was a supply problem but it was fake.
But bitcoin has an actual supply problem.
wilberforce15
Well-Known Member
What do you mean by supply problem?
Brownslave688
You want a toe? I can get you a toe.
Should say shortage. It’s not an actual problem.
wilberforce15
Well-Known Member
Yeah, that's one of those bugs that's really a feature.
Treasury nominee Yellen is looking to curtail use of cryptocurrency - Ars Technica
Yellen argues many cryptocurrencies are used "mainly for illicit financing."
Cryptocurrencies could come under renewed regulatory attack over the next four years if Janet Yellen, Joe Biden's pick to lead the Treasury Department, gets her way. During Yellen's Tuesday confirmation hearing before the Senate Finance Committee, Sen. Maggie Hassan (D-N.H.) asked Yellen about the use of cryptocurrency by terrorists and other criminals.
"Cryptocurrencies are a particular concern," Yellen responded. "I think many are used—at least in a transactions sense—mainly for illicit financing."
She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."
Yellen argues many cryptocurrencies are used "mainly for illicit financing."
Cryptocurrencies could come under renewed regulatory attack over the next four years if Janet Yellen, Joe Biden's pick to lead the Treasury Department, gets her way. During Yellen's Tuesday confirmation hearing before the Senate Finance Committee, Sen. Maggie Hassan (D-N.H.) asked Yellen about the use of cryptocurrency by terrorists and other criminals.
"Cryptocurrencies are a particular concern," Yellen responded. "I think many are used—at least in a transactions sense—mainly for illicit financing."
She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."
El Correcto
god is dead
What function does bitcoin perform that another crypto can’t? What is the demand that is fueling the supply problem?
That’s what causes my head to spin when thinking about people throwing 30k+ on nothing.
wilberforce15
Well-Known Member
The new sec chair is a former MIT professor who taught block chain.
Drug dealers and terrorists are easier to catch via bitcoin than in normal banks, and bitcoin is far complicit than the average wall street bank.
All transactions are public knowledge on bitcoin, anf it isn't all that hard for sophisticated software to link it to a real identity. There are private crypto, but bitcoin isn't one.
Yellen is ignorant and largely irrelevant. And any regulation would only increase institutional adoption and help the price.
It's going nowhere but up.
wilberforce15
Well-Known Member
What does Facebook do that smaller social networks can't? Nothing.
The size of the network itself is the advertisement and the special feature.
Being first and biggest actually matters.
