Bitcoin / Cryptocurrency Discussion (And Predictions)

[Subsonic]

Prominent thought leader Balaji predicting $1M/BTC over the next 90 days as the USD apparently loses hegemony and spirals into hyperinflation (lol?)

BTC up 36% over the last week.

Is BTC fulfilling it's prophecy as the debt bubble collapses? Or does this recent pump serve as exit liquidity before an impending deflationary cycle with the US weaponizing the USD?

Topics to explore:
- BTC as a hedge against hyperinflation
- Multi-polar world, USD hegemony, and the role of BTC
- The nature of risk assets vs BTC
- Inflation vs Deflation
- Federal Reserve saving financial institutions vs saving USD hegemon status
- The fate of altcoins vs the rise of BTC

Discuss...

I personally look at it in a overly simple way: Bitcoin used to be 60k and that was not ridiculus so its gonna go there again. Its also a asset that here to stay, whatever its value will be.
People said btc is overpriced when it was 700. In the end its a complex adaptive system and there is no real way to accuratly predict what will happen. My guess is related to basic economic theory - a economy will generally grow over a long enough time horizon and after a crash usually comes a rise sooner or later.

Again this is coming from a 18 year old with 400€ in crypto so please dont take this for anything else than a display of my thoughts on the matter.

 

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[Timmy C]

Prominent thought leader Balaji predicting $1M/BTC over the next 90 days as the USD apparently loses hegemony and spirals into hyperinflation (lol?)

BTC up 36% over the last week.

Is BTC fulfilling it's prophecy as the debt bubble collapses? Or does this recent pump serve as exit liquidity before an impending deflationary cycle with the US weaponizing the USD?

Topics to explore:
- BTC as a hedge against hyperinflation
- Multi-polar world, USD hegemony, and the role of BTC
- The nature of risk assets vs BTC
- Inflation vs Deflation
- Federal Reserve saving financial institutions vs saving USD hegemon status
- The fate of altcoins vs the rise of BTC

Discuss...

I think it's just a simple case of a bear market rally. Bitcoin has been desperately needing a narrative for people to cling to for a while now and this is it. The markets just pricing in money printer go brrrr for a while I think.

 

[Antifragile]

SVB

Why did the FED & FDIC allow SVB to blow up? They knew about the unrealized losses.

Moving money to big banks in the USA protects the deposits, effectively telling every depositor with large cash balance to move from small banks. But one can argue it’s a bad bet too. Because USD is being devalued …

I enjoy following Balaji’s twitter for this and his recent bet is now word famous.

https://twitter.com/i/web/status/1637148986095308802

View: https://twitter.com/balajis/status/1637148986095308802?s=61&t=Li58PzJTMBtZ7lBFAgD1Wg


It’s an interesting thing to watch unfold. Bitcoin could indeed benefit… but then again, you need on and off ramps - as you still can’t pay your rent, mortgage, coffee, groceries … in BTC ,

Just remember folks, holding something and hoping it goes up in value isn’t business, it’s speculation. Nothing wrong with that. But all crypto, and BTC is speculative. Hence the wild swings up & down.

edit:

Just saw Ace post this before!

Prominent thought leader Balaji predicting $1M/BTC over the next 90 days as the USD apparently loses hegemony and spirals into hyperinflation (lol?)

BTC up 36% over the last week.

Is BTC fulfilling it's prophecy as the debt bubble collapses? Or does this recent pump serve as exit liquidity before an impending deflationary cycle with the US weaponizing the USD?

Topics to explore:
- BTC as a hedge against hyperinflation
- Multi-polar world, USD hegemony, and the role of BTC
- The nature of risk assets vs BTC
- Inflation vs Deflation
- Federal Reserve saving financial institutions vs saving USD hegemon status
- The fate of altcoins vs the rise of BTC

Discuss...

The article I saw was this:

Former Coinbase CTO makes $2M bet on Bitcoin's performance

Former Coinbase CTO Balaji Srinivasan has made a millionaire bet on Bitcoin's price over the next 90 days, predicting it will reach $1 million by June 17.

cointelegraph.com

I'll be giving this some thought, like everyone else. At the start of the banks failing I couldn't help but think "gee... there go the rate hikes by the FED!" then I thought... "good to be in RE"... now it looks like anyone with any following will pump BTC.

Of course the world is not predictable, it is too complex.

While we don't know where we are going, we should know where we are today! And it's a mess.

Edit 2:

https://twitter.com/i/web/status/1637230228803305473

View: https://twitter.com/balajis/status/1637230228803305473?s=20

 

[MitchC]

Prominent thought leader Balaji predicting $1M/BTC over the next 90 days as the USD apparently loses hegemony and spirals into hyperinflation (lol?)

BTC up 36% over the last week.

Is BTC fulfilling it's prophecy as the debt bubble collapses? Or does this recent pump serve as exit liquidity before an impending deflationary cycle with the US weaponizing the USD?

Topics to explore:
- BTC as a hedge against hyperinflation
- Multi-polar world, USD hegemony, and the role of BTC
- The nature of risk assets vs BTC
- Inflation vs Deflation
- Federal Reserve saving financial institutions vs saving USD hegemon status
- The fate of altcoins vs the rise of BTC

Discuss...

The only threat I see to Bitcoin is if we actually move back to a gold and silver backed currency, so I just have a bit of both.

Either way fiat is shit.

The only better thing to do with your money is invest in your own business. Property is good too. At least they produce cash.

 

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[Timmy C]

Prominent thought leader Balaji predicting $1M/BTC over the next 90 days as the USD apparently loses hegemony and spirals into hyperinflation (lol?)

BTC up 36% over the last week.

There is no way this happens by the way lol. He doesn't even think it does that.

He's just marketing himself. Or has other reasons for making the bet

 

[Antifragile]

There is no way this happens by the way lol. He doesn't even think it does that.

He's just marketing himself. Or has other reasons for making the bet

Imagine the real word if that actually happened!

- no, no one would “make money” but preserves buying power
- hyper inflation destroys the economy
- unemployment through the roof

Think Weimar Republic!

But what could make him do this that makes sense?

He’s a very early adopter of BTC etc. so… he probably has hundreds of not thousands of BTC. A move up to previous peak could mean his $1m USDC bet is a bit like a marketing investment! Promote BTC.

What else?


There is the reality of banks failing right now in the USA. What does that mean for the greater economy? The future? Separate topic or not?

 

[Ing]

Some ridiculous predictions about BTC come up every than end now.

-Looking at the charts with TA BTC has a pt of about 34k.

-Comparing to the last bearmarket rally 2019, it coud reach 44 to 55k, depends, if you calculate with or without the declining progression due to halfing.


If someone with a big business- means with such a big followership, that media recognizes him- predicts anything, that is absolutely worthless, as he only does it for marketing.

There are big predicton homepages, wich make a lottery prediction for clickbait.

BTC against inflation. Hm. Sure, if it stays, as it is.
But I have seen digital assets go to zero in days. Look at LUNA.
Imagine someone hacks BTC, which is only a matter of time.

 

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[Timmy C]

Some ridiculous predictions about BTC come up every than end now.

-Looking at the charts with TA BTC has a pt of about 34k.

-Comparing to the last bearmarket rally 2019, it coud reach 44 to 55k, depends, if you calculate with or without the declining progression due to halfing.


If someone with a big business- means with such a big followership, that media recognizes him- predicts anything, that is absolutely worthless, as he only does it for marketing.

There are big predicton homepages, wich make a lottery prediction for clickbait.

BTC against inflation. Hm. Sure, if it stays, as it is.
But I have seen digital assets go to zero in days. Look at LUNA.
Imagine someone hacks BTC, which is only a matter of time.

No one will ever hack BTC. Will never happen.

 

[Ing]

No one will ever hack BTC. Will never happen.

Hope you re right

 

[Ing]

If someone is interested, Someone has posted this on Reddit :
He purchased in a supermarket and paid with BTC




Hi guys, as you probably know I'm Venezuelan living here.
Yesterday I had the chance of doing some purchases in a supermarket and paying directly in Bitcoin.
This was the purchase:

The purchase (I had purchased some things before, like fruits and vegetables in farmers market and chicken/meat)

You say to the cashier you want to pay in cryptocurrency and their system shows them a selection:


The amount is shown in Bolivares (Bs.) so 725 Bs. so 30 USD (exchange rate is 1 USD 24.2 Bs.)
They say they will add more crypto and BTC LN.
After selecting bitcoin and and continue (Continuar) it shows the amount in bitcoin


So that is, 0.00124813 BTC, yesterday it was very volatile so even when BTC was around 27,200 USD using that rate I paid around 34 USD. Not much sense there, 4 USD more I suspect it s a fixed fee, wouldn't make sense be 10%. After I took the picture he went again there and final price was 0.00124863 BTC.
After that it shows a QR code, you scan it and have to wait for at least one confirmation after you get one confirmation (mine took several minutes) the cashier press payment received and I suppose it checks one blockchain explorer for one confirmation or pending transaction that matches the amount. If it matches it says payment received and receipt is printed.
I noticed each time you press continuar a new QR code gets generated, so new or different address.
I used Trust Wallet and the fee was 1.36 USD.
Receipt is shown in Bolivares, but that is common here even if you pay with USD, Euros or any currency the invoice will be printed in Bolivares.
Experience was good overall, but in this case I paid a little more, something to improve.
You have to remember that here the economy is destroyed:

• Monthly inflation can be over 10% easily. Being it under 10% is a success.
• Monthly minimum wage is 130 Bs. (less than 5 USD, this purchase was 5x monthly minimum wage), average monthly wage is 120 USD.
• Since 2007 14 zeroes were removed from the currency, so this 725 Bs would have been 72,500,000,000,000,000

Thanks for the support to all redditors. Any question let me know!

 

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[Kevin88660]

I recently started investing a small small ammount each month and I choose crypto as my investment. A big reason for choosing crypto for me was the volatile nature of the market. This should bring me experience much quicker about thing like handling low periods and losses and also about avoiding greed.
Otherwise I don't know too much about crypto but I do know that there was a huge crash last year and that the market will recover in the next few years. Well I don't know that but I predict that it will happen.
I decided to slowly build myself a diverse portfolio of non meme coins with a majority of the weight being in btc and eth.

So the question is what advice and you give me (a crypto noob) on things to learn/avoid to make money in the long run.
Down here is my current "portfolio". (Yeah ik it's not that much, I don't want to invest money I can't loose.)
View attachment 47313

1) You are correct to start with more volatile assets. That will help you to cope with investing in other assets in the future to build up your mental capacity to cope with volatility

2) Learn technical analysis. Learn basic candle stick patterns

3) Crypto is extremely cyclical. Read up on crypto market cycles

4) Learn macroeconomic news and what it means.

Treat as a learning journey first.

 

[Xeon]

USD will crash to 0 and Bitcoin/crypto will go back to 2012 levels once the Chinese Yuan takes over while backed by the mid east oil kings and the Russian gas czar. It is already a work in progress.

 

[MakeItHappen]

USD will crash to 0 and Bitcoin/crypto will go back to 2012 levels once the Chinese Yuan takes over while backed by the mid east oil kings and the Russian gas czar. It is already a work in progress.

Possible. How certain are you? How much of your net worth would you bet here? You could make a killing.

 

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