Bitcoin Heading to $20,000, More Damage to Come Says What's His Name!

Discussion in 'Bullion Investing' started by fretboard, Jan 24, 2022.

  1. Two Dogs

    Two Dogs Well-Known Member

    ...and brag about the new home or boat you purchased with the supposed profits.
     
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  3. fretboard

    fretboard Defender of Old Coinage!

    I already know there's money to be made just not right now. :) The world is changing and whether people get into crypto or not the digital age is upon us, maybe the FED coin will change outlooks. :D
     
  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    The non believers in this room are
    everywhere, I only wish to show the possibilities
    of what can be accomplished given the right
    circumstances, so take that for what its worth.
     
  5. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    supposed profits, now thats funny...LOL
     
    Kurisu and Two Dogs like this.
  6. baseball21

    baseball21 Well-Known Member

    FED coin defeats the whole purpose of it. Sure some money will come to it to play it but mosty crypto people wont be very interested in it. As long as the FED makes any profits its a win for them though
     
    fretboard likes this.
  7. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    The fed is still mulling over proposed changes to crypto, I think thats the biggest fear to BTC and crypto investors in general, but they did put in a brand new
    machine at my local barber shop, and people are very interested :)
     
    fretboard likes this.
  8. BasSWarwick

    BasSWarwick Well-Known Member

    You forgot about me already :jawdrop:
     
  9. BasSWarwick

    BasSWarwick Well-Known Member

    No one can be sure, and what's his name has been wrong before.

    Just keep an eye on the 30-32k zone where there is some powerful support.
     
  10. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    Remember the fed bail out of 2008 to 2010?
    The fed bailed out the banks to a supposed 3.5 trillion.
    The Fed and courts kept the real numbers sealed until just the past weeks. Upon FOA requests the numbers were just released.
    The FED bailed not only local banks and they lied. It was over 8 trillion in the US alone but also bailed out the world. to a tune of almost 30 trillion printed in fiat. If we don't start backing the dollar, we are gonna be in some big trouble.
    And yes, that means that all those supposed profits from these get rich quick schemes will be so over inflated that it won't be worth it for long.
    This will lead to a world dollar, and world coins. The fed is destroying the dollar. And soon all this talk about crypto will be mute.
    Do your homework folks.
     
    gold standard db and fretboard like this.
  11. Kurisu

    Kurisu Well-Known Member

    What gives you that impression? Genuine question.

    There have been plenty of people who invested too much for their budget in many things...

    But my experience with crypto is amongst adults who are long-term investors in the usual type things like 401k's, mutual funds, stock, savings...and some of them made tiny crypto investments early on with great success. But most of us (just like our coin purchases) decided to spend an affordable amount and we continue to just that.

    As with ANY level of risk with investments...you should only invest what you can afford to loose. It can be an unbelievably difficult lesson to learn for many.

    Just for perspective...
    I'm 52, a couple years ago I started by putting $500 into about 15 different cryptos...I know have well over $5000 of crypto and have cashed in approximately $2000 along the way.

    Side note: When someone indicates that they are really into something, like coin collecting for example, it most certainly does not mean it's their primary interest or that they are utterly brainwashed by it. That's an incredibly judgmental assumptive way to see people in general. You know what they say about assumptions... lol!
     
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  12. Two Dogs

    Two Dogs Well-Known Member

    Here goes: A small part of my reason for stating that those who are pro-crypto believe in it as if it was a religion was to poke the bear as the saying goes.
    The main reason for my statement was due to comments I read on this forum as well as on sites such as Kitco, and also some conversations with acquaintances.
    ~95% of those who invest in crypto (not you) argue with complete unwavering faith that their bitcoin or whatever crypto they're in will go up and give them tremendous returns, they have complete faith that there is something, some system which is completely credible backing their crypto and that the currencies of the world are more likely to fail than cryptos (despite governments being able to tax citizens and businesses). They have an unwavering faith that their crypto coins will always be available when needed, the system backing them is secure.
    If we were talking about the merits of investing in silver or Exxon stock, we could rationally discuss the risks involved as well as the opportunities for future profits. However, the same conversation regarding the pros/cons of cryptos is rarely possible. Any question of the risks or other criticism regarding crypto is taken as an attack. If someone told me that they were a devout Christian, it would be foolish for me to try to change their beliefs. Their religious devotions are based on faith, on events that can not be proven, but are taken as fact.
    So with that comparison in mind, the crypto folk's way of thinking reminds me of a religion. I'd also argue that football in Brazil is kind of like a religion there.
     
  13. Kurisu

    Kurisu Well-Known Member

    Once in a while I loooove watching folks like Kitco News on YouTube...there are soooo many bullion and crypto "investor" predicters it's hilarious to me...because they are all almost 100% wrong almost 100% of the time from the glimpses I catch. I would love to see someone put together a compilation video of some of these top investors making their predictions compared to what actually happened.
     
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  14. medoraman

    medoraman Supporter! Supporter

    Yeah, that is the achilles heel I saw. Once the bitcoins have all been "mined", what incentive is there for anyone to support the network any longer? Once there are no more free bitcoins, most will unplug from the network.
     
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  15. baseball21

    baseball21 Well-Known Member

    Barring some MASSIVE computer advancements no one alive today will even come close to seeing them all be mined
     
  16. midas1

    midas1 Exalted Member

    I wonder if Quantum computing will change how bitcoins are mined?
     
    Last edited: Jan 28, 2022
  17. Kurisu

    Kurisu Well-Known Member

    Quantum computing when easily available will change everything...
    No password you've ever made will be safe.
    Currently multi-factor authentication is helping!
     
  18. medoraman

    medoraman Supporter! Supporter

    I meant effectively. Once its no longer cost effective to mine. I understand how it works, and understand how its a logarithmic diminishing returns formula, so the LAST one theoretically would take trillions of dollars of electricity today to mine. However, once it is no longer possible in any geography to profitably mine them, why would anyone still spend money attached to the network? What is the incentive? Do you simply enjoy spending money every month altruistically?
     
  19. baseball21

    baseball21 Well-Known Member

    The incentive is having something that isnt tied to money being printed forever.

    Mining has nothing to do with the value. The max number possible has been known since the start.
     
  20. ToughCOINS

    ToughCOINS Dealer Member Moderator


    You're right, and that's precisely why the miners of
    BitCoin will give up sooner than later . . .

    . . . thanks to the law of diminishing marginal returns.
    .
     
    kSigSteve and Two Dogs like this.
  21. baseball21

    baseball21 Well-Known Member

    Okay and? That makes no difference. If anything having an even smaller supply just gives it a better chance of going up
     
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