Australian Politics Forum - So, what's the big deal with Bitcoin?

Pho Huc

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Re: So, what's the big deal with Bitcoin?
Reply #15 - Jan 20^th, 2021 at 10:42pm

Sprintcyclist wrote on Jan 20^th, 2021 at 1:09am:

Pho Huc wrote on Jan 7^th, 2021 at 4:37pm:

Once BTC broke $1 breaking $1 million became inevitable. Looks up Greshams law. This is the start of the 2nd wave (institutional money) should run it up to 6 figures pretty easy. I've been riding it since 2016, been retired for two years now. Do as you wish.

Well done

Thank you sir. Im not ferrari's and super yachts, but I own my own place and make enough doing short term trading that I haven't had to touch the stash for a few years now. I think this was actually the first place I posted about ( http://www.ozpolitic.com/forum/YaBB.pl?num=1503498096 ) I see the same cycle about to happen again and this time i'm trying to tell people before the party starts, not when its half done.

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The_Barnacle

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Re: So, what's the big deal with Bitcoin?
Reply #16 - Jan 30^th, 2021 at 10:46am

0ktema wrote on Jan 19^th, 2021 at 11:41pm:

Do fiat currencies have intrinsic value?

Quote:

Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and government in a fair & equitable manner, without losing any of it. If that’s not intrinsically valuable, what is?

Michael Saylor, the CEO of Nasdaq-listed company Microstrategy

https://twitter.com/michael_saylor/status/1316054485781929984?lang=en

As far as speculation goes, bitcoin's volatility is expected to decrease over time as it's market cap increases.

Fiat currencies are purely used to make transactions, which was the original intention of Bitcoin.
Bitcoin was originally invented so that organised crime and paranoid conspiracy theorists could make untraceable transactions using a currency that wasn't controlled by a government.

Using Bitcoin as a speculative investment is completely different to it's intended use when it was created.
Bitcoin is just bytes in a computer and has no intrinsic value (just like a fiat currency) so my prediction is that this will end badly for a lot of people.

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Sprintcyclist

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Re: So, what's the big deal with Bitcoin?
Reply #17 - Jan 30^th, 2021 at 11:02am

The_Barnacle wrote on Jan 30^th, 2021 at 10:46am:

0ktema wrote on Jan 19^th, 2021 at 11:41pm:

Do fiat currencies have intrinsic value?

Quote:

Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and government in a fair & equitable manner, without losing any of it. If that’s not intrinsically valuable, what is?

Michael Saylor, the CEO of Nasdaq-listed company Microstrategy

https://twitter.com/michael_saylor/status/1316054485781929984?lang=en

As far as speculation goes, bitcoin's volatility is expected to decrease over time as it's market cap increases.

Fiat currencies are purely used to make transactions, which was the original intention of Bitcoin.
Bitcoin was originally invented so that organised crime and paranoid conspiracy theorists could make untraceable transactions using a currency that wasn't controlled by a government.

Using Bitcoin as a speculative investment is completely different to it's intended use when it was created.
Bitcoin is just bytes in a computer and has no intrinsic value (just like a fiat currency) so my prediction is that this will end badly for a lot of people.

I think it will always have a value, but I do not disagree with you

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Pho Huc

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Re: So, what's the big deal with Bitcoin?
Reply #18 - Feb 3^rd, 2021 at 9:57pm

The_Barnacle wrote on Jan 30^th, 2021 at 10:46am:

0ktema wrote on Jan 19^th, 2021 at 11:41pm:

Do fiat currencies have intrinsic value?

Quote:

Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and government in a fair & equitable manner, without losing any of it. If that’s not intrinsically valuable, what is?

Michael Saylor, the CEO of Nasdaq-listed company Microstrategy

https://twitter.com/michael_saylor/status/1316054485781929984?lang=en

As far as speculation goes, bitcoin's volatility is expected to decrease over time as it's market cap increases.

Fiat currencies are purely used to make transactions, which was the original intention of Bitcoin.
Bitcoin was originally invented so that organised crime and paranoid conspiracy theorists could make untraceable transactions using a currency that wasn't controlled by a government.

Using Bitcoin as a speculative investment is completely different to it's intended use when it was created.
Bitcoin is just bytes in a computer and has no intrinsic value (just like a fiat currency) so my prediction is that this will end badly for a lot of people.

Its kinda of true, but so is saying gold is just lead with a few less electrons. Essentially the value is that its digital solution to the byzantine general problem. Its like the internet in 1970- its pretty bare bones but what it already is is a basis for totally reliable information confirmation. and if you think about how valuable providence of veracity is and how this creates the ability to watermark veracity of any digital media... The speculation is reasonable.

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Sprintcyclist

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Re: So, what's the big deal with Bitcoin?
Reply #19 - Feb 3^rd, 2021 at 10:33pm

Pho Huc wrote on Jan 20^th, 2021 at 10:42pm:

Sprintcyclist wrote on Jan 20^th, 2021 at 1:09am:

Pho Huc wrote on Jan 7^th, 2021 at 4:37pm:

Once BTC broke $1 breaking $1 million became inevitable. Looks up Greshams law. This is the start of the 2nd wave (institutional money) should run it up to 6 figures pretty easy. I've been riding it since 2016, been retired for two years now. Do as you wish.

Well done

Thank you sir. Im not ferrari's and super yachts, but I own my own place and make enough doing short term trading that I haven't had to touch the stash for a few years now. I think this was actually the first place I posted about ( http://www.ozpolitic.com/forum/YaBB.pl?num=1503498096 ) I see the same cycle about to happen again and this time i'm trying to tell people before the party starts, not when its half done.

That is very good work.
Very few people do that.

I have invested for decades, I find it challenging and an excellent interest.

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Modern Classic Right Wing

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Prime Minister for Canyons Gold Member Offline Australian Politics Posts: 26906 Canberra Gender:	Re: So, what's the big deal with Bitcoin? Reply #20 - Feb 4^th, 2021 at 8:45am Ahhh cryptocurrency the tulip craze of the 21st century
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Pho Huc

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Re: So, what's the big deal with Bitcoin?
Reply #21 - Feb 6^th, 2021 at 3:21pm

Prime Minister for Canyons wrote on Feb 4^th, 2021 at 8:45am:

Ahhh cryptocurrency the tulip craze of the 21st century

You fundamentally misunderstand the value of bitcoin. The exchange of value/store of wealth argument also misses it. Its true value is as a watermark to confirm the legitimacy of data. How much do you think truth is worth?

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rhino Gold Member Offline Australian Politics Posts: 17179 Gender:	Re: So, what's the big deal with Bitcoin? Reply #22 - Feb 6^th, 2021 at 3:22pm Should i buy bitcoin now or wait for a drop? And where do you buy it?
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Sprintcyclist

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Re: So, what's the big deal with Bitcoin?
Reply #23 - Feb 6^th, 2021 at 6:00pm

Pho Huc wrote on Feb 6^th, 2021 at 3:21pm:

Prime Minister for Canyons wrote on Feb 4^th, 2021 at 8:45am:

Ahhh cryptocurrency the tulip craze of the 21st century

You fundamentally misunderstand the value of bitcoin. The exchange of value/store of wealth argument also misses it. Its true value is as a watermark to confirm the legitimacy of data. How much do you think truth is worth?

Yes, I don't ........ fundamentally understand the value of bitcoin.

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Pho Huc

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Re: So, what's the big deal with Bitcoin?
Reply #24 - Feb 6^th, 2021 at 6:42pm

rhino wrote on Feb 6^th, 2021 at 3:22pm:

Should i buy bitcoin now or wait for a drop? And where do you buy it?

Tough one. Im hoping for a pullback to 28-33k USD- if that was given then you back the truck up. I think its going to continue going up but I can't recommend entering here, always try and enter on a dip/pullback. I usually use btcmarkets.net as my fiat onramp/offramp, the fee's are quite high (nearly 1%) but they are a reliable legit operation that is easy to put cash into/pull it out of. Have been using them since 2016. Yu could also use FTX/Binance and their in house CC facilities which is probably the cheapest, easiest way(didn't exist when I got into crypto)

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Pho Huc

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Re: So, what's the big deal with Bitcoin?
Reply #25 - Feb 6^th, 2021 at 6:46pm

Sprintcyclist wrote on Feb 6^th, 2021 at 6:00pm:

Pho Huc wrote on Feb 6^th, 2021 at 3:21pm:

Prime Minister for Canyons wrote on Feb 4^th, 2021 at 8:45am:

Ahhh cryptocurrency the tulip craze of the 21st century

You fundamentally misunderstand the value of bitcoin. The exchange of value/store of wealth argument also misses it. Its true value is as a watermark to confirm the legitimacy of data. How much do you think truth is worth?

Yes, I don't ........ fundamentally understand the value of bitcoin.

Few do. Everyone is trying to make it fit into existing niches "SOW,MOE,Tulip bubble" when BTC is a truly new thing.

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rhino

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Re: So, what's the big deal with Bitcoin?
Reply #26 - Feb 6^th, 2021 at 7:55pm

Pho Huc wrote on Feb 6^th, 2021 at 6:42pm:

rhino wrote on Feb 6^th, 2021 at 3:22pm:

Should i buy bitcoin now or wait for a drop? And where do you buy it?

Tough one. Im hoping for a pullback to 28-33k USD- if that was given then you back the truck up. I think its going to continue going up but I can't recommend entering here, always try and enter on a dip/pullback. I usually use btcmarkets.net as my fiat onramp/offramp, the fee's are quite high (nearly 1%) but they are a reliable legit operation that is easy to put cash into/pull it out of. Have been using them since 2016. Yu could also use FTX/Binance and their in house CC facilities which is probably the cheapest, easiest way(didn't exist when I got into crypto)

cheers.

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Sprintcyclist

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Re: So, what's the big deal with Bitcoin?
Reply #27 - Feb 6^th, 2021 at 8:54pm

Pho Huc wrote on Feb 6^th, 2021 at 6:46pm:

Sprintcyclist wrote on Feb 6^th, 2021 at 6:00pm:

Pho Huc wrote on Feb 6^th, 2021 at 3:21pm:

Prime Minister for Canyons wrote on Feb 4^th, 2021 at 8:45am:

Ahhh cryptocurrency the tulip craze of the 21st century

You fundamentally misunderstand the value of bitcoin. The exchange of value/store of wealth argument also misses it. Its true value is as a watermark to confirm the legitimacy of data. How much do you think truth is worth?

Yes, I don't ........ fundamentally understand the value of bitcoin.

Few do. Everyone is trying to make it fit into existing niches "SOW,MOE,Tulip bubble" when BTC is a truly new thing.

A new thing comes along pretty often.

The humanity of 'Fear and Greed' run the market.
Fear is stronger than greed.
Hence a market declines more rapidly than it rises.

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0ktema

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Re: So, what's the big deal with Bitcoin?
Reply #28 - Feb 8^th, 2021 at 11:52pm

Elon straps a rocket to Bitcoin!

The prices below are in USD.

Quote:

Bitcoin Price Rockets After Elon Musk’s Tesla Reveals It Bought $1.5 Billion Worth Of Bitcoin

Bitcoin has suddenly surged after Tesla, the electric car-maker led by billionaire Elon Musk, revealed it has bought bitcoin.

The bitcoin price rocketed to an all-time high of $43,730 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly.

Tesla announced that it bought $1.5 billion worth of bitcoin in January, according to a filing with the Securities and Exchange Commission, adding it would soon start accepting payments in bitcoin.

The bitcoin price has now soared over 300% since October, with the blistering bitcoin rally largely put down to institutional investors warming to the cryptocurrency and payments giants such as PayPal and Visa adding their support

Last week, Musk said he thinks bitcoin is on "the verge" of breaking into traditional finance.

"I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people," Musk said during an interview carried out on the invite-only chat app Clubhouse.

https://www.forbes.com/sites/billybambrough/2021/02/08/bitcoin-price-rockets-aft...

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« Last Edit: Feb 9^th, 2021 at 11:46am by 0ktema »

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0ktema Gold Member Offline Australian Politics Posts: 674	Re: So, what's the big deal with Bitcoin? Reply #29 - Feb 14^th, 2021 at 2:34pm Something for the novices! Never put in more than you can afford to loose
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