Bitcoin
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- drgs0
Bitcoin supports log support, I think it's a good place to buy.
Some old charts I made before I got tempted by the dark paths of bullish fractals:
https://www.tradingview.com/char…
https://www.tradingview.com/char…Discuss
- Why do people keep expecting crypto to act like a stock when all it's manipulated...
Crypto has no real world valuegrafician - It's literally somebody at some Blackrock calling somebody in crypto, price goes up they sell price goes down they buy and repeat - for fucking years :))grafician
- I posted a lot in this thread and the other crypto thread, nfts...same shit, you guys keep going, the definition of crazy...grafician
- Bitcoin keeps goingdrgs
- ☉ ‿ ⚆grafician
- bro were at the level irl when somebody is mentioning crypto or bitcoin we're leaving the fucking table :))
that cringegrafician - Do you want to be right or do you want to make moneydrgs
- Ain't nowhere near done going *POOF*! There's barely a wound. You need carnage before anything is 'real'.formed
- $1-1000 seems slightly reasonable to me.formed
- It's been an underwhelming bull run and an underwhelming bear market to match it, there are no more cyclesdrgs
- We've only begun to see the downtrend. And that's just history saying we have a long way to go. Crypto is no different than meme stocks.formed
- Why do people keep expecting crypto to act like a stock when all it's manipulated...
- shapesalad-2
MicroStrategies share price:
You see that spike over the 2000 year? That was the Dot Com Bubble.
You see that spike 2nd spike to the right of the chart? That was Feb 2021, a rally after a few months of stimi cheques being cashed into Robinhood to buy BTC, with a sprinkling of peak meme stock mania...
I wish I'd looked at this chart earlier, I'm now thinking TULIPS when I think Bitcoin/Crypto. And Saylor - I can't stand him, he makes a decent point in the most boring long winded way - but it's very mono sided. It's a slice of thinking. It's not macro. It is indeed 'micro' 'strategy'....
Back in 2011, I had free electricity in my apartment, for around 5 years. I remember in 2011 seeing this bitcoin thread here in QBN and thinking "Oh I could mine bitcoin with my free electricity" I did a little googling one evening... the whole wallet software and mining stuff just seemed a bit nerdy and not really Mac friendly. So I didn't do or think much more about it.
Then in 2013 as bitcoin reach $1k I was thinking, oh.. missed that one, but should I get in? I couldn't get past the thinking that if you buy 1 Bitcoin, you will only ever have 1 Bitcoin as it doesn't pay a dividend, it's only worth what the next person is willing to pay for it. Then MT Gox happened and I thought, yep... dodgy as fuck.
Then 2020 happened... and all the dollar printing got me thinking limited supply Bitcoin is the answer. Raoul Pauls interviews pushed me into thinking, ok lets get some. I did, and it went up. So I got more. Great all good.
But now.. hearing Peter Zeihan call it a dumpster fire, hearing Maverick of Wall St call it Tulips has had me double checking my thinking... If I didn't have any money in bitcoin would I buy now? ... No.
I have money in bitcoin and it's sitting on a 40% loss... do I wed myself to the thesis of limited supply, deflationary, potential potential potential.. or do I cut my loss and get out asap before it drops massively alongside the S&P500.
Looking at Saylors chart.. I think I see my answer.
Crypto is Tulips. It's a niche. It's peaked. NFTs too. It's all downhill from here. It won't die, the overall tech, blockchains, digital transfer, non-fungible... all of that is great.. but it's not mobile phones, it's not the internet, how can it follow metcalfe's law to mass adoption?
- $100k btc. $500k btc. How? Family offices and hedge funds? How can they justify the zero yield on it?shapesalad
- As soon as it reaches $100k, or $500k - that will be a spike. A blow off top. And it'll come crashing back down. What is there to hold it above that value?shapesalad
- Limited supply? But if you get limited demand you get limited value. It only works if everyone wants some, and why do we want some? it's tulip mania.shapesalad
- Stocks - you see the potential of future company growth, or companies are paying out dividends as they cruise at a stable size and profit. Makes sense.shapesalad
- Yup. *POOF*formed
- Like clockwork, this tulip sentiment is parroted every time bitcoin is doing anything. Far more predictable than the market itself.inteliboy
- The entire market is in dire straits btw. BTC is being kinda boring if anything.inteliboy
- This is how Bitcoin dies -- not by going to zero, but by losing volatility, becoming boringdrgs
- Something in crypto will survive, but 99.9% needs to completely die, a la dotcom. Anyone that couldn't see this coming was in lala land.formed
- It's over people. Just send them to me, and I will keep them as a souvenir.Sandder
- no golden city with a big logo in the centre in el salvador then.. who would have seen it coming..neverscared
- neverscared1
the reason why people think crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes
https://twitter.com/BillyM2k/sta…
former doge coin owner... he also said it an inherently right wing thing once i think
- ...just like dotcom era...and we see how that ended. We're nowhere near any bottom.formed
- depends for whom... 50% or how many have now negative invested ...neverscared
- drgs0
Judging by your bearish comments -- its time to go up.
For maximal damage Bitcoin waits for everyone to turn bear. Once the fruit has ripen, we go up
- I think the game has changed a bit. there is no good news or easy money around to invest/gamble. I think it's only traders pushing and pulling around 30K atm.uan
- it's bad economy time, so their game is getting the biggest amount of money from the market. they might even let it drop to 20K at some point.uan
- the arab world could be a game changer, as their gas and oil is becoming extremely important for EU. if they decide to put some of that money in crypto...uan
- to the moon. but atm it's gonna stay around some level 30 or 20K and continue to do nothing.uan
- We have a dead cat bounce, just like stocks, then a new low, on and on until it really hits bottom. Low 4 digits or even lower. I'm putting my money on $1000.formed
- I quite like the idea that BTC has become sentient and is just fucking with everyone now. More likely it'd be ETH that'd be able to go that route though..Nairn
- Do I look like I'm kidding?
https://www.tradingv…drgs
- neverscared0
- Desperation and pressure are settling in. Any of these "managers" that don't roll with the tide will be out of a job.formed
- drgs0
Will long from 27k
- Why do you keep posting these charts when it barely ever turns out that way :)NBQ00
- For the one time he’s right!shapesalad
- ...and then down to.......formed
- ...and then up to......inteliboy
- Kitty cat, I'm always where the money's atdrgs
- ....and down until it comes close to zero....long way to fall from hereformed
- I think that it will play out like this. Last week markets closed green except BTC. I'm thinking it's waiting for a double dip to bounce up,Beeswax
- Resting at support line for almost 3 weeks now, and the longer it holds, the more bullish the outcome
https://i.imgur.com/…drgs
- drgs0
My party program for the next 2 years. Discuss
- Add a nice vertical line to nothing soonformed
- better invest is carbon capture tech companies... if they dont rise we all fall.. and little karmic redemption for the cryptobros tooneverscared
- so you missed the head and shoulders thengrafician
- Pray emojishapesalad
- Beeswax0
BTC long contracts on Bitfinex.
This chart is in negative correlation with BTC. Orange line is the btc price. It's massively overbought with this coming down I think BTC rise will start
- Fed pivot will be the match to the touch paper.shapesalad
- doggydoggdog1
Shib and Doge are cheap now
- neverscared0
New York Clamps Down On Bitcoin Mining In Newly Passed Bill
Lawmakers in New York passed a bill that bans some types of cryptocurrency mining that rely on carbon-based fuel during an early morning session of the state’s senate on Friday, a move that seeks to address the growing concerns about the environmental impact of energy-intensive blockchain operations including bitcoin mining.
The legislation targets a specific form of crypto mining that uses the highly energy-intensive “proof-of-work” authentication method—this includes several popular digital currencies including bitcoin.
- a little too late guys...neverscared
- Yup. We're already dead.CyBrainX
- neverscared2
Bitcoin has only been increasing transaction costs. The average electricity used per processed transaction could power a US household for “just” 1.5 days 7 years ago; by now the same metric is around 2.5 months. The only thing going up is the energy use; capacity has flatlined.
- neverscared-3
Bitcoin can (theoretically) handle 7 transaction per second, at the cost of 2,500 kWh (an average home uses about 1,000 kWh per month). A transaction takes about 10 minutes to be settled.
This is not a currency. And it has no potential to ever be a currency. BTC currently uses 0.65% of total world energy. It's an absolute abomination. On the upside, these "currencies" appear to be dying.
Just for comparison: Visa can handla 65,000 transaction per second, and can handle about 250,000 transaction using the same amount of energy as one single BTC transaction.
- https://twitter.com/…neverscared
- blah blah blah. yes it's not a currency. it's the peg for a currency. If you want currency on BTC look at lightening network.shapesalad
- Also learn about layers when it comes to crypto.shapesalad
- LLOL "layers"grafician
- https://www.youtube.…shapesalad
- Your so called "layers" are essentially the same as putting the Visa Network on top of an OTC penny stock. Not decentralized, not backed by stable value.monNom
- PoS doesn't fix that either, as it simply creates a centralized cartel system to replace the decentralized.brute... of PoW.monNom
- So what good is an "anonymous, decentralized currency" when it is neither anonymous, nor decentralized, nor a currency? (Nor a stable store of value)monNom
- the massive CO2 exhaustion is the good part.. they greedy cryptobros all love that.... fuck the planet and its humans up .make some coin,, buy a second house...neverscared
- that greed will be a burden for everybody.neverscared
- If comparing to Satoshi's vision, Bitcoin is a failed project. But none of this matters, Bitcoin's price is growing for completely different reasonsdrgs
- what nonsense. takes a few seconds to learn how false that is. also the fact you still think of it as a 'currency' shows the narrative hole you've fallen intointeliboy
- I agree with statementutopian
- drgs1
All rumors about Bitcoin's energy consumption and inadequacy as a currency are true, but none of this is likely to have any effect on the price.
Because the world we live in is irrational. And there is nothing you can or need to do about itThe Dutch live in a very flat and windy area of Europe. Instead of fighting against the wind, they've learned to harness its power by building windmills. Be like the Dutch, accept the chaos and find a way to harness its power
- its not always irrational ... when things balance out after an irrational overdose... things go quiet or die out.neverscared
- till the next wave of greed driven grifters find a non caring douchebag crowd who favour money above vitality.neverscared
- People are stupid, the masses do not make any money, just do the oppositedrgs
- we are all the mass...neverscared
- shapesalad-2
Something to think about in terms of the "Bitcoin is using too much energy and it's badly created polluting energy" —
Renewable energy, such as thermal or hydro energy production, are usually not right next to the point of energy consumption - eg, Iceland has a tonne of eco energy opportunities but how would you get that energy to say the folks in London - where there a heck more people than Iceland wanting to charge their iPhones and drive their EV's?
Meanwhile at the same time you have a monetary system that is entirely free floating. One £ is back entirely by... a government promise. We are print a shit tonne of £'s $'s ¥'s... as we print more, inflation grows and government debt balloons - interest rates are already super low. If you raise interest rates to counter inflation, you thusly make your gov debt too expensive to service. So your only choice is to either wipe off some government debt - but that then makes your currency worthless - or you keep the plates spinning long enough and delay the enviable collapse (check out the fall of civilisation podcast to see how that goes, and then check in where we are in our current civilisation timeline - hint, we are in the sunset years).
So you've got those two things - energy system and monetary system.
Solution? Peg currency a deflationary store of energy sourced from renewable eco sources that are not near where we all are.
Pegging currencies to Bbitcoin (or something very similar) in inevitable.
Why not gold standard? Well, we already saw how that worked and then failed.
- I really should proof read more...shapesalad
- so you got no idea about the concept of "value"?
you also have no clue about how the energy markets operate, but that's fine, this is QBN...grafician - BTC looks more and more like it'll die entirely. Even the hype sounds lazy and exhausted now, which is all it had going for it in the first place.formed
- drgs-2
You should all be buying!
- if it wouldn´t be so toxic and boring we would...neverscared
- Last chance to buy under 30kdrgs
- That means we go to 10K nextNBQ00
- lolYakuZoku
- my mortage lender doesn't accept BTC, neither does the tax man, nor my contractor doing home repairs, not paid in it either... days of stupid money have pastjonny_quest_lives
- get back to work and pay down your debt like your parents told you to.jonny_quest_lives
- AQUTE-1
BUY OR DIE
- nearly there buts its BUY AND DIE ... when vamping up the ecological desaster machine known as bitcoin.neverscared
- Really? But wash dryers are ok, right? And christmas lights? And jets that fly bankers to Davos? And the energy used to protect gold? And all the bank offices?Sandder
- We find that in 2020 the climate impact of a single bitcoin transaction can be estimated to equal about 402 kg of CO2 emissions.neverscared
- 3.3 kg CO2 washed at 60°C, dried in a combined washer-dryerneverscared
- u dont need clean clothes i guess...neverscared
- u have to compare to current transactions shemes like visa.. not to complete other products of course ... because that is surely an idiotic thing to do.neverscared
- I hang my clothes after washing, crazy, right? So how idiotic is it to compare the impact of a bitcoin standard to the current banking system?Sandder
- By your own paltry logic, I trust you wash your clothes on the banks of a river, merely utilising rocks and sand as abrasives?Nairn
- of course ... compare a bitcoin transaction to a visa transaction.. u can read the data a few posts above...neverscared
- who cares it was for clowns anyway and now it dying of because as speculation it worked for a few guys...now as a currency it has not a lot potential efficientneverscared
- wise.neverscared
- and trading with shells and flintstone when richneverscared
- I guess the concept of a dryer goes a bit above peoples heads, but that makes sense. I guess we're good then. It goes to zero, and our governments will save us.Sandder
- neverscared0
How ‘Trustless’ Is Bitcoin, Really?
In myth, the cryptocurrency is egalitarian, decentralized and all but anonymous. The reality is very different, scientists have found.
“We all kind of knew that mining was fairly centralized,” she said. “There aren’t that many miners. This is true even today, of course, and it was even more true at the beginning.” As for what should be done about it, “we do need to really examine that question,” she said. “How do we make mining more decentralized?” She thought the results of this investigation might encourage the field to take the issue more seriously.
- lol... the cryptobro douches got played very hard..neverscared
- wow so much decentral ...heheheneverscared
- you're unusually obsessed. did a friend of yours get rich or something and you missed the boat?inteliboy
- no they lost all their money...not obsessed just interrested ... u are afraid scientist finding out the truth thoughneverscared
- i missed taking part in a eco desaster machine... thats a good thing.neverscared
