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Bitcoin / Cryptocurrency Discussion (And Predictions)

MitchC

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Saying that the value is community driven is not necessarily trivializing it.

I agree, and Facebook, the example you used, is the perfect comparison. Really the whole value of bitcoin is the community, there’s a million other alt coins that can do what it does and maybe better than it does it but Bitcoin has the community. You could build a “better” social media but Facebook is still going to be the king.

Considering Bitcoin now has Elon musk and other big names and companies invested in it, that’s going to be a very hard community to beat. Not to mention all of the exchanges, atms, stores accepting it, miners, people talking about it, first mover advantage, branding etc.
 
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Kevin88660

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I agree, and Facebook, the example you used, is the perfect comparison. Really the whole value of bitcoin is the community, there’s a million other alt coins that can do what it does and maybe better than it does it but Bitcoin has the community. You could build a “better” social media but Facebook is still going to be the king.

Considering Bitcoin now has Elon musk and other big names and companies invested in it, that’s going to be a very hard community to beat. Not to mention all of the exchanges, atms, stores accepting it, miners, people talking about it, first mover advantage, branding etc.
A lot of btc whales are pushing for institutional development towards the next stage. Tell the public company to be the first, rather than the last company to convert some cash reserve into bitcoin.

Other coin community do not have the resources or the liquidity depth to fulfill such goals.
 

csalvato

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See this just looks like confirmation bias to me.

I won't claim to be immune to confirmation bias. I'm not that stupid.

However, you put forward that some billionaires aren't into BTC as if that has some sort of weight.

Then you backtrack and say you only think for yourself and ignored the fact that 1 of the 2 billionaires you mentioned by name is moving towards supporting Bitcoin.

Another example of confirmation bias, maybe?

Both sides carry a level of hypocrisy to the argument. The reality is that this very moment might be the cheapest a Bitcoin will ever be again, it also might be the last time it is ever this high. This is objective reality. Saying he is wrong because we are in the middle of a mania as if it is proof of the world caving to Bitcoin forever is not objective reality.

When he explicitly says that Bitcoin will never hit 5k, 10k, 25k and 50k, then it does, he's wrong.

When he explicitly says that Elon isn't "stupid enough" to buy bitcoin, then he does, he's wrong.

I mean, that's not my opinion. He was wrong. That's the definition of wrong, when you predict something and it doesn't come true.

These are only two examples of his BTC predictions that were wrong (he said one thing, another thing happened)

I'm not even sure why you'd want to do the mental gymnastics required to say that Schiff isn't wrong on BTC.

Note: I like Schiff. I think Schiff is right on everything but Bitcoin. Schiff has done great things for awareness on our economy and promoting free market economics.

Gold has underperformed my expectations even given the circumstances we have had over the last 6 months. Yes. But the dollar hasn’t fallen to 85-80-75-70 yet. Give it time, it very well might.

For sure. I personally think gold may come breaking through and both BTC and Gold will rocket upwards. Hell, maybe gold even overtakes Bitcoin in terms of relative gains, though I doubt it.

While it may break through and overtake BTC, I personally think it's days as a store of value are over, so the probability of a massive uptick is < 25%, imo. Likely, just not the most probable winner.

But that's neither here nor there: your original comment about how "crypto people" "hate gold" and I was just pointing out that most people I know personally (with 6 and 7 figure portfolios including crypto) are not anti-gold. They just soured on the investment because it didn't do what was expected.

It didn't live up to the narrative.

In today's market, narrative has a huge impact on price and performance. Fundamentals still matter, but not nearly as much as narrative.

It's hard to argue that gold has a narrative similar to equities and Bitcoin.

Maybe when reality catches up and narratives are not as important for market movements, this will change.

I personally don't foresee that for several years as we continue to "melt up" (as you put it).

Time will tell. Unlike Schiff, I don't claim to have a crystal ball. That means I can avoid being wrong because I am playing probabilities, not certainties.
 
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csalvato

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Huge f*ckin' inverse head and shoulders on Bitcoin.. If it completes and breaks it in the next weeks; it's headed straight to $100k.

Hope ya'll bought that dip or $46-47k range and held like a champ.. =)

Can't buy dips...no fiat left :happy:
 

EvanOkanagan

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Huge f*ckin' inverse head and shoulders on Bitcoin.. If it completes and breaks it in the next weeks; it's headed straight to $100k.

Hope ya'll bought that dip or $46-47k range and held like a champ.. =)
Are you going to continue holding if it hits 100k or selling off at that point?
 
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csalvato

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Actually it is a good question, what does one do when it hits 100k? Wait for it to hit 500k?
Personally, my target is 500k, which would roughly match the 2019 market cap of gold.

I think it could go much higher than that, but that's the price target I'm expecting.

I don't anticipate selling much before then. Maybe I will sell 1-2 BTC at 100k/coin and get a mortgage on a rental property or something.
 

Sethamus

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Personally, my target is 500k, which would roughly match the 2019 market cap of gold.

I think it could go much higher than that, but that's the price target I'm expecting.

I don't anticipate selling much before then. Maybe I will sell 1-2 BTC at 100k/coin and get a mortgage on a rental property or something.
This is your 2021 target?
 
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Timmy C

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Huge f*ckin' inverse head and shoulders on Bitcoin.. If it completes and breaks it in the next weeks; it's headed straight to $100k.

Hope ya'll bought that dip or $46-47k range and held like a champ.. =)


I don't know where the sell button is on any exchanges.

Permanent HODL.
 

Timmy C

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Was up 80% on Stacks.
Took the initial investment back plus a tiny bit of profit.
The rest is in cold storage for a decade.
It's easy to get too greedy in this market, gotta check yourself.
 
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Kevin88660

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Timmy C

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I am not invested, but Monero is an interesting value proposition.
A place to hide some of your wealth from authoritarian governments that want to tax you up to your eyeballs.
You would just want to make sure that you got OTC and not do any KYC to purchase it.
 

Martin.G

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I am not invested, but Monero is an interesting value proposition.
A place to hide some of your wealth from authoritarian governments that want to tax you up to your eyeballs.
You would just want to make sure that you got OTC and not do any KYC to purchase it.

There are ways to obscure Bitcoin transactions too, so you can get some kind of privacy too. For example, there are wallets that generate a different address for every transaction you made.
 

Timmy C

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There are ways to obscure Bitcoin transactions too, so you can get some kind of privacy too. For example, there are wallets that generate a different address for every transaction you made.
Yeh, sort of but not really.

I know LTC is working on privacy functions atm, and that will be added to BTC if all goes smoothly.

Hard to keep up with all of the developments in this space; it moved so fast, it's basically impossible lol.
 
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Timmy C

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Here's a question for everyone.

Why wouldn't you hold Monero?

Central banks and the world economic elites want to create their own digital currency, only tightening the control grid.

Everything you do will be tracked like never before.

Why wouldn't you buy up monero OTC then go peer to peer!

Stuff these assholes!

The problem, as far as I can see it, is that most people would just go along with it.
 

Xeon

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Anyone who thinks crypto cannot be controlled by governments are naive. Back in the late 90s when the internet started going mainstream, people were talking about the exact same thing. And where are we at now?
 

Timmy C

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Anyone who thinks crypto cannot be controlled by governments are naive. Back in the late 90s when the internet started going mainstream, people were talking about the exact same thing. And where are we at now?
Dude, with all do respect.

Go learn some stuff before posting nonsense.
 
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Martin.G

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Anyone who thinks crypto cannot be controlled by governments are naive. Back in the late 90s when the internet started going mainstream, people were talking about the exact same thing. And where are we at now?

How is it going to do it?
 

Frinys

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Anyone who thinks crypto cannot be controlled by governments are naive. Back in the late 90s when the internet started going mainstream, people were talking about the exact same thing. And where are we at now?
We are here: The United States had 18 billion visits to torrent websites in 2020. That is the opposite of control.

If the government of the United States can't stop torrenting, which is an illegal activity, how in the world are they going to stop crypto?
 

Timmy C

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In all seriousness, seeing that gold is 10% down on the year is blowing my mind.

Surely this can't get worse for gold.
This market is retarded.
 
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AceVentures

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Kjiell Inge Rokke, the richest man in Norway, the face behind Aker industries, has just established a new company called Seetee which will be investing in "exciting projects and companies throughout the Bitcoin ecosystem, while keeping all of its liquid investable assets in bitcoin" - this is quoted from a letter he sent to his shareholders.

They start with a capitalization of NOK 500M or roughly $60M USD, an amount they aim to "increase significantly over time as they gain experience and identify opportunities".

The letter is really a beautiful read, and very insightful -- lots of personal anecdotes from Kjell who's a really humble dude - self-made billionaire that was once a fisherman.
 

JamesQB8

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I am not invested, but Monero is an interesting value proposition.
A place to hide some of your wealth from authoritarian governments that want to tax you up to your eyeballs.
You would just want to make sure that you got OTC and not do any KYC to purchase it.
I feel like Monero is a sleeping giant.

The only true proven privacy coin in the entire market

Highly adopted - fast transactions and low fees

3rd biggest developer community yet 21st in Marketcap

It's better than bitcoin at what bitcoin originally wanted to be.

The fud is heavy regulation which is suppressing the price.

Dyor but people on this forum should consider holding a little imo
 

Frinys

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I feel like Monero is a sleeping giant.

The only true proven privacy coin in the entire market

Highly adopted - fast transactions and low fees

3rd biggest developer community yet 21st in Marketcap

It's better than bitcoin at what bitcoin originally wanted to be.

The fud is heavy regulation which is suppressing the price.

Dyor but people on this forum should consider holding a little imo
I have an opposite view. While I like the tech, I do not think Monero (XMR) will be as much used as many other coins.

Since it is an untrackable privacy coin, it has drawn attention from many developers, tech geeks, and early adopters. It has, unfortunately, but not surprisingly, also drawn attention from many drug buyers, drug dealers, and money launderers.

Up until recently, the crypto market consisted almost solely of early adopters and tech geeks (and drug lords). These kinds of people are too small to care about their reputation. No one will look at their portfolio and ask "Why do you own Monero?". They don't care if people wonder why they have Monero, because they either have it because they think it's cool, or because they literally try to hide something.

But this is not true for larger institutions and very rich investors. If an institution holds 100,000 XMR, people will start asking "Why do you own Monero?". People will assume that the institution has something to hide. Why would a large institution want to own an untrackable cryptocurrency instead of a trackable? Why would an institution own Monero instead of Bitcoin or Ethereum or Litecoin or Veriblock? People will assume that the institution has something to hide.

Since the institutions will be judged no matter what they say, the easiest solution will be to avoid buying untrackable coins. Their reputation is much more important than owning Monero.

Because of that, I believe that such privacy coins will never see as much adoption as trackable coins. It is also why I have not invested in privacy coins. I hope I'm wrong. The tech is great but the money will probably go other places.
 
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csalvato

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I have an opposite view. While I like the tech, I do not think Monero (XMR) will be as much used as many other coins.

Since it is an untrackable privacy coin, it has drawn attention from many developers, tech geeks, and early adopters. It has, unfortunately, but not surprisingly, also drawn attention from many drug buyers, drug dealers, and money launderers.

Up until recently, the crypto market consisted almost solely of early adopters and tech geeks (and drug lords). These kinds of people are too small to care about their reputation. No one will look at their portfolio and ask "Why do you own Monero?". They don't care if people wonder why they have Monero, because they either have it because they think it's cool, or because they literally try to hide something.

But this is not true for larger institutions and very rich investors. If an institution holds 100,000 XMR, people will start asking "Why do you own Monero?". People will assume that the institution has something to hide. Why would a large institution want to own an untrackable cryptocurrency instead of a trackable? Why would an institution own Monero instead of Bitcoin or Ethereum or Litecoin or Veriblock? People will assume that the institution has something to hide.

Since the institutions will be judged no matter what they say, the easiest solution will be to avoid buying untrackable coins. Their reputation is much more important than owning Monero.

Because of that, I believe that such privacy coins will never see as much adoption as trackable coins. It is also why I have not invested in privacy coins. I hope I'm wrong. The tech is great but the money will probably go other places.
I think this will really depend on how much the general public values privacy in the future.

The pendulum on caring about privacy is swinging back in some ways. In other ways, a lot of people are happy to give up their privacy in exchange for security (even if it's only an illusion of security).

If the general public cares a lot about their privacy, I could see Monero as a huge leader. If not, then it will just be a mediocre investment.
 

GPM

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Maybe there should be no such thing as drug lords, drug dealers, and shaming drug users? Maybe it's time to end this prohibition and stop ostracising users who should be getting help rather than thrown in jail?

So if Monero is highly used for something that is currently considered iligal but will eventually no longer be considered as such, is it really still such a black sheep?

Why does the government get to say that it is fine to inject yourself with God-knows-what to change your physical gender, but you can't use mood and mind altering substances of your own free will? How can anyone who is pro crypto be pro government indoctrination? Government is bad, but somehow government propaganda and control are good? Hmmm....
 

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